NFP Preview: Data unlikely to reflect the coronavirus outbreak – Wells Fargo

Analysts at Wells Fargo look for the pace of nonfarm hiring to remain strong in February, with employers adding 200K jobs. The report will be released on Friday. 

Key Quotes: 

“We do not anticipate a virus-related impact on hiring in February. Concerns over the coronavirus outbreak were not as pronounced during the BLS survey week (the week of Febraury 12th). There has also been nothing to suggest any virus-related hit to hiring has yet materialized.”

“2020 Census hiring is beginning to pick up. In the past two Census years, there was an average of 21K average Census workers added in February.”

“Looking ahead, we expect job gains to slow markedly in 2020, though hiring for the 2020 Census will likely disrupt the quarterly estimates. We estimate it currently takes around 130K jobs per month to reduce the unemployment rate.”