Bank of America: November Nonfarm Payrolls Expected to Sharply Beat Previous Value

On 3 December, economists at Bank of America said the November jobs report will be released on Friday, when investors should focus on the two-month growth rate, especially given the risk of a sharp revision to October's data.

A survey by The Wall Street Journal showed that U.S. non-farm payrolls are expected to post an increase of 214,000 in November, up from 12,000 in October. Bank of America expects the figure to exceed 240,000 due to the impact of hurricanes and the Boeing strike. It also expects the labour force participation rate to rebound, taking the unemployment rate from 4.1% to 4.2%, in line with the Wall Street Journal's expectations.

Bank of America said that jobless claims had risen in the wake of the hurricanes but had since declined, signalling a rapid economic recovery.