Welcome to Friday 1 June 2018 and the NFP data coming up from the US
- Its the May report
- Due at 1230GMT
- Median consensus from Bloomberg's survey is for a headline +190K
- April was +164K
Preview via Westpac:
Employment growth remains strong in the US, the yearto-date average being ahead of 2017 and materially above population growth. In coming months, a slight softening is anticipated, bringing 2018 into line with 2017 and 2016.
Still well ahead of population growth, this outcome will see the unemployment rate push lower in coming months from the already historically low 3.9% of April. Importantly, underemployment is also continuing to trend lower, signalling a further taking up of slack in the labour market.
A key reason why this decline in labour market slack has not translated into higher wages growth is because prime-aged individuals outside the labour market continue to return. This is expected to persist over the coming year.
