Earlier preview on the employment report is: preview of May 2018 nonfarm payroll report
ICYMI:
- Its the May report
- Due at 1230GMT on 01 June 2018
- Median consensus from Bloomberg's survey is for a headline +190K
- April was +164K
More:
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%
Preview via Nomura, who are forecasting
- +205K headline, well above consensus
- unemployment rate 3.9%
- average hourly earnings +0.22% m/m and +2.6% y/y
Nomura cite:
- +205K .... with essentially all of the gain coming from private employers
- Incoming labor market data point to steady employment growth and a still-low unemployment rate, consistent with our optimistic outlook for Q2 and 2018. Initial jobless claims remain subdued while the four-week moving average of continuing unemployment insurance claims has recently reached levels not seen since the early 1970s.
- The downward pressure on the unemployment rate from the solid pace of job creation may have been partly offset by those joining the labor market encouraged by continued strong labor market conditions.
