Friday June 1 2018 brings the May NFP employment report from the US
- Due at 1230GMT
Median consensus expected is for a headline +190K
- April was +164K
Unemployment rate
- expected 3.9%, prior 3.9%
Average hourly earnings
- expected 0.2% m/m, prior 0.1%
- expected 2.6% y/y, prior also 2.6%
Earlier previews:
Snippets now via Goldman Sachs:
- We see the labor market as at or a bit beyond full employment, and at some point, diminished slack should exert downward pressure on job growth
- We estimate that nonfarm payrolls increased 205k in May, 15k above consensus
- While labor supply constraints often weigh on May job creation when the labor market is beyond full employment, we believe strong jobless claims data, rebounding business surveys, and a return to normal weather suggest a pickup in payroll growth
- We estimate the unemployment rate remained stable at 3.9% in May
- We estimate a 0.2% month-over-month increase in average hourly earnings (2.6% year-on-year)
