TD Securities’ Global Strategy Team anticipates a modest increase of 45k in January Nonfarm Payrolls, falling short of the 70k market consensus. While they expect the unemployment rate to hold steady at 4.4%, the team notes hawkish risks, suggesting a dip to 4.3% is more probable than an increase. This labor market outlook follows disappointing December retail sales, which caused the firm to lower its Q4 GDP tracking to 2.6% annualized.
TD Securities: Focus Shifts to Payrolls Amidst Softening Economic Data
