While we will shortly show in our full payrolls preview that expectations for December payroll growth are clustered around 200,000, in his daily note, TS Lombard economist Steven Blitz writes that in the coming months one should expect the pace of hiring to slow, as it always does late cycle – aided and abetted by tightening monetary policy (and that’s even without the BLS admitting the recent finding by the Philly Fed that payroll growth in Q2 was just 10,000 not 1,100,000 as initially reported). Recall that in 2005, the median monthly change in nonfarm payrolls was 175,000, when […]
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