Friday’s Events: U.S. February Unemployment Report

(CEP News) - The U.S. employment report is the main economic event of Friday’s economic data schedule with some Fed speakers and the U.S. consumer credit report mixed in.

At 8:30 a.m. EST, the U.S. Bureau of Labor Statistics will release its employment report for February. Nonfarm payrolls are expected to fall by 650k jobs after declining 598k in January. The unemployment rate is expected to rise to 7.9% from 7.6%. Manufacturing payrolls are expected to pull back by 200k jobs, compared to the previous month’s 207k decline. Average hourly earnings are expected to rise 0.2% month-over-month following January’s 0.3% increase, while annual average hourly earnings are expected to increase 3.8%, compared to the previous 3.9% gain. Average weekly hours worked are expected to remain at 33.3.

At 10 a.m. EST, Philadelphia Fed President Charles Plosser will speak on the role of government in the financial system at the New York University Stern School of Business. An audience Q&A will follow.

At 11:15 a.m. EST, Fed Governor William Dudley (voter) will speak on financial market turmoil at an event in New York City. An audience Q&A will follow.

At 1 p.m. EST, the U.S. Treasury will sell $30 billion in 70-day cash management bills.

At 1:15 p.m. EST, Canadian Finance Minister Jim Flaherty will speak at an event in Toronto on Canada’s Economic Action Plan.

At 3 p.m. EST, the U.S. Federal Reserve will release January’s consumer credit statistics, which are expected to fall by $5.0 billion following a $6.6 billion contraction the month prior.

8:30 US Change in Nonfarm Payrolls February Exp: -650K Prior: -598K

8:30 US Unemployment Rate February Exp: +7.9% Prior: +7.6%

8:30 US Change in Manufacturing Payrolls February Exp: -200K Prior: -207K

8:30 US Average Hourly Earnings (M/M) February Exp: +0.2% Prior: +0.3%

8:30 US Average Hourly Earnings (Y/Y) February Exp: +3.8 Prior: +3.9%

8:30 US Average Weekly Hours February Exp: +33.3 Prior: +33.3

10:00 US Fed’s Plosser Speaks on the Financial System in New York

11:15 US Fed’s Dudley Speaks on Financial Market Turmoil in New York

13:00 US U.S. to Sell $30 billion in 70-day Cash Management Bills

13:15 CA Canadian Finance Minister to Speak on Government Actions on Economy

15:00 US U.S. Consumer Credit January Exp: -$5.0B Prior: -$6.6B

By Erik Kevin Franco, efranco@economicnews.ca