Adding to 13:59 bullet on...........>

US DATA PREVIEW: Adding to 13:59 bullet on Friday's payrolls report: 

-Market est for the May unemployment rate is a fresh high of 19.5% after April's

14.7% shattered records going back to 1948. The real number, however, could be

5pp higher with the BLS saying in its April jobs report that many furloughed

respondents misclassified themselves as employed rather than temporarily laid

off. Analysts generally expect May to be the bottom for the labor market. 

-Average hourly earning are expected to grow by 1.0%, which would be lower than

last month's historic 4.7% surge, but still higher than the 0-0.5% range

typically seen in AHE. The massive uptick in wage growth is largely due to job

losses hitting low-wage workers the hardest, but a clearer picture of the

downturn's effect on overall wage growth will likely begin to emerge as

indicators begin to level out following the disruption seen from Covid-19 and

social distancing.

-The length of the average work week is expected to rebound slightly to 34.3

hours, up from 34.2 in April.