The US labour market report for May is expected to show that US payrolls grew by 85,000, while the unemployment rate is expected to remain steady at 4.3%; average hourly earnings growth is expected to rise by 0.3% on the month.
The lead indicators for the US jobs report, paint a mixed picture for last month. The ADP jobs data was stronger than expected for May, coming in at 122k, initial jobless claims data has been stable in recent weeks between 210k and 215k, however, the JOLTS job openings data showed a large increase in job openings last month, which rose to their highest level for nearly 2 years. Overall, there does not appear to be a consensus view about the strength of the US labour market going into today’s report, and there is a wide range of analyst estimates, between 45k and 125k, as measured by Bloomberg.
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