TD Securities strategists Oscar Munoz, Jan Groen and others said they expect nonfarm payrolls data released on Friday to show that the U.S. added a “whopping” 350,000 jobs in December versus the consensus estimate of 200,000. In a note on Thursday, they said they also see “revisions to the upside” in November’s payroll report. Strong labor-market data is feeding into worries that Federal Reserve officials will continue to hike interest rates to combat inflation. All three major U.S. stock indexes DJIA, -0.78% SPX, -0.84% were lower in afternoon trading as investors digested recent hawkish Fed rhetoric and the U.S. labor market’s strength.
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