Nonfarm Payrolls Preview - Westpac
Analysts at Westpac explained that the consensus for US Apr non-farm payrolls is 200k, after 215k in Mar and 245k in Feb.
Key Quotes:
"On
the positive side are the 5 week gap between survey weeks, very low
jobless claims and a bounce in the services ISM employment index.
Potential
negative influences include the strikingly weak 156k reading on ADP
private payrolls and the mild winter, which might mean Feb and Mar were
boosted by hiring in retail and construction being pulled forward from
Apr-May.
The separately calculated unemployment rate is expected
to tick down from 5.0% to 4.9%, though consensus was also for 4.9% last
month.
The employment report is always important to the Fed and
usually produces at least passing volatility. But since there is
another report before the FOMC’s 15 June meeting, the April data doesn’t
seem vital for USD."
