Westpac warns to beware of an NFP disappointment

[thenews]

WPAC warn to watch for a shortfall in the August nonfarm payroll headline data

From Westpac's New York based G10 FX strategist Richard Franulovich:

• August is a tricky month for the statistician, peak summer holidays affecting the response rate
• The first release of the August number is often weaker than expetced and then revised higher subsequently ... often quite substantially
• "August payrolls have been weaker than consensus expectations in each of the last 5 years"
• & in 14 of the last 18 years of available data
• "The average shortfall to consensus in the last 5 years has been -49k"