HSBC nonfarm payroll preview
- +155,000
- Cooling off after a 211,000 increase in April
- We forecast the unemployment rate was 4.4% in May, unchanged from April's figure.
- The year-on-year increase in payroll employment should remain steady at around 1.6%
- Average wage growth has picked up over the past two years but remains sluggish compared with previous economic expansions. We forecast a 0.1% increase in average hourly earnings in May, with the year-on-year rate of increase staying at 2.5%
Earlier previews:
- Société Générale NFP preview (spoiler +160K, 4.4%, 0.2% m/m & 2.6% y/y, 34.4 hrs)
- Barclays NFP preview (spoiler +175K, 4.4%, 0.3% m/m & 2.7% y/y, 34.4hrs)
- The Bloomberg survey of expectations has the median consensus at +182,000
