A few brief excerpts from a note by Goldman Sachs economist Spencer Hill:
We estimate that nonfarm payrolls increased 175k in December, somewhat below consensus of +190k. While labor market fundamentals appear solid, we expect a deceleration from the pace of job gains in October and November, which benefitted from a sharp employment rebound in hurricane-affected states. Our forecast also reflects a modest drag from winter storms around the December survey period.
We forecast a one-tenth decline in the unemployment rate to 4.0% …We estimate average hourly earnings increased 0.3% month-over-month gain and 2.5% year-over-year …
emphasis added