Allianz chief economic adviser El-Erian said on US nonfarm payrolls day he
expects August nonfarm payrolls to rise by 53,000 (July -23,000). He expects the
unemployment rate to remain at 4.1%, labor force participation to tick up to
61.5% from 61.4%, and average hourly earnings to rise 0.3% MoM. He urged market
attention to supply-side labor indicators.