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Ahead of tomorrow's US NFP,.........>

US DATA PREVIEW
US DATA PREVIEW: Ahead of tomorrow's US NFP, analysts expect the April U.S.
employment report to bounce back after relatively soft numbers in March and
April, with a median estimate for a gain of 194,000 for headline payrolls and a
200,000 gain for private payrolls in May. Analysts also expect average hourly
earnings to rise 0.2%, while the average workweek remains at 34.5 and
unemployment stays at 3.9%. Market participants expect average hourly earnings
to come in a little weaker than analysts, with the whisper number tracking at a
0.1% rise. Both markets and analysts have a slight tendency to overestimate
hourly earnings, suggesting a downside risk to the two estimates. Interestingly,
this history of overestimating is more pronounced for analysts, giving more
credibility to the lower whisper number. For the full report please see MNI Main
Wire 1738BST.

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