BofA: Expect November nonfarm payrolls to significantly exceed previous value

TechFlow news, on December 3, according to Jinshi Data, Bank of America economists said the November employment report will be released on Friday, and investors should focus on the two-month growth rate, especially considering the October data carries a high risk of significant revision.

A Wall Street Journal survey shows that U.S. nonfarm payrolls for November are expected to increase by 214,000, higher than the 12,000 rise in October. Bank of America expects the number to exceed 240,000 due to the impact of hurricanes and the Boeing strike. It also forecasts a rebound in labor force participation, pushing the unemployment rate up from 4.1% to 4.2%, consistent with the Wall Street Journal's projection. Bank of America noted that while jobless claims rose amid hurricane impacts, they have since declined, indicating a rapid economic recovery.