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MNI Payrolls Preview: Labor Supply Seen Limiting Jobs Gains

US
  • Nonfarm paryolls are expected to have risen by 380k in April according to the Bloomberg survey median or 400k with the primary dealer median with relatively even dispersion.
  • Average hourly earnings growth is seen unchanged at +0.4% M/M whist the unemployment rate is forecast to fall another tenth to joint pre-pandemic lows of 3.5%.
  • Fresh on the tail of the FOMC, a high barfor non-50bp hikes has been set and there’s still another payrolls report on Jun 3 ahead of the next FOMC on Jun 15, but nuances remain.
See the full MNI Preview including previews from 10 sell-side analysts here: https://marketnews.com/markets/pdfs/mni-us-payrolls-preview-labor-supply-seen-limiting-jobs-gains

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