• Home
• /
• Newsroom
• /
• 1st NFP of 2024 – Friday 5th January

1st NFP of 2024 – Friday 5th January

1^st NFP of 2024 – Friday 5th January

It’s a new year on the calendar, but we’re still getting the last of the economic data from 2024, including the highly anticipated Non-Farm Payrolls report. After last month’s better-than-expected increase of nearly 200K jobs, economists are once again expecting a slight moderation in job growth and an uptick in unemployment.

• The ISM Manufacturing PMI Employment component rose to 48.1, a solid improvement over last month’s 45.8 print.
• The ADP Employment report showed 164K net new jobs, above expectations and up from last month’s 101K reading.
• Finally, the 4-week moving average of initial unemployment claims dropped to 208K, down from last month’s 221K reading.

Weighing the data and our internal models, the leading indicators point to a stronger-than-expected reading in this month’s NFP report, with headline job growth potentially coming in somewhere in the 170K range, albeit with a bigger band of uncertainty than usual given the current global backdrop.

The Unemployment Rate is seen ticking up to 3.8%. A closely watched measure of wage inflation, Average Hourly Earnings, is to retreat to 3.9% in the year through December, a tad down from the 4% increase registered in November.

Be ready today at 15.30 GMT+2 with your trading chart for the 1st NFP of 2024!

If you have any questions or require any assistance, please contact one of our support team members via our Live Chat or email [email protected].

We are Errante. Trading made personal

• Share with a Friend