Fundamentals
This Friday, the US Department of Labor will release the April nonfarm payrolls report. Current market expectations suggest the report will show robust growth in employment momentum, with continued easing in wage pressures.
A Bloomberg survey's median estimate anticipates a seasonally adjusted nonfarm payroll increase of 240,000 jobs in April. Average hourly earnings are expected to grow by 4% year-on-year, marking the slowest pace in nearly three years. The unemployment rate is forecasted at 3.8%.
Related data shows that ADP private payrolls increased by 192,000; the ISM manufacturing employment index rose slightly from 47.4 to 48.6; and the four-week moving average of initial jobless claims edged down from 214,000 to 210,000. All of these indicate that the outlook for nonfarm payrolls may exceed expectations.
This Friday, the US Department of Labor will release the April nonfarm payrolls report. Current market expectations suggest the report will show robust growth in employment momentum, with continued easing in wage pressures.
A Bloomberg survey's median estimate anticipates a seasonally adjusted nonfarm payroll increase of 240,000 jobs in April. Average hourly earnings are expected to grow by 4% year-on-year, marking the slowest pace in nearly three years. The unemployment rate is forecasted at 3.8%.
Related data shows that ADP private payrolls increased by 192,000; the ISM manufacturing employment index rose slightly from 47.4 to 48.6; and the four-week moving average of initial jobless claims edged down from 214,000 to 210,000. All of these indicate that the outlook for nonfarm payrolls may exceed expectations.