US Non Farm Payroll to be released at 8:30 AM ET on Friday

The US employment report will be released at 8:30 AM ET/1330 GMT on Friday.

The estimate for NFP is to rise by 190K after last month's 292K increase.

The Unemployment rate is expected to remain steady at 5.0%.

The Average hourly earnings are expected to rise by 0.3% MoM and 2.2% YoY (from 2.5% last month).

The 3- month average NFP job gain is 284K. In 2015, the average job gain was 221K.

The Labor force participation rate moved to 62.6 off the low of 62.4 but still down near low levels.

Last month the jobs were broad based with each major sector adding jobs with the exception of the Mining which suffers from commodity price declines. The leading sector was Professional and Business services.

The Service Sector jobs are where the most jobs are created - not surprising. The Goods producing sector continues to lag by a large margin. The Goods producing sectors include mining, manufacturing and construction. As mention mining is getting killed by commodities. manufacturing by dollar and low cost manufacturing overseas. Construction jobs are up but they are still way below the peaks from pre-debt crisis.

What about clues from the other job indicators?

The ADP employment report released on Wednesday estimates a private sector gain of 205K. The estimate is for 180K increase in private sector payroll.

The Manufacturing ISM index fell sharply to 45.9 from 48. The Service sector ISM employment index also fell to 52.1 in the current month.

The initial claims 4-week moving average has been trending more to the upside since bottoming in October. The 4-week average is at 284.75. Last month it was at 276K.

Finally, the trend in earnings YoY have been moving higher but is expected to fall from 2.5% to 2.2% this month. The month on month is expected to rise by 0.3% this month after last month's disappointing 0.0% reading.

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