Payrolls estimate by economists now at 175,000

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Payrolls estimate by economists now at 175,000 (by Steve Goldstein)

WASHINGTON (MarketWatch) -- Following Wednesday's unexpected 297,000 increase in ADP's private-sector payroll report, the MarketWatch-compiled consensus for the Labor Department's nonfarm payrolls for December stands at 175,000, up from 143,000 prior to the ADP figures. Economists are still expecting a 9.8% unemployment rate. "Our forecast change was prompted by the big upside surprise in the ADP survey that was released, but other incoming data provided some reinforcement for the adjustment," said David Greenlaw of Morgan Stanley, one of many who upwardly revised his forecast. Greenlaw also pointed to the tax withholding data from the Daily Treasury Statement and the Challenger survey.

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