*** On tap for Friday: May..........>

US DATA PREVIEW: *** On tap for Friday: May nonfarm and private payrolls,

unemployment rate and avg hourly earnings; Apr wholesale inventories and sales;

Q2 StL and NY Fed Real GDP Nowcasts; April consumer credit. Mean est for May NFP

holding around+180k to +185k.

- RBS/NatWest economists are keeping their May NFP steady at +185k amid

"conflicting signals" from recent data. While "non-manufacturing ISM employment

index surged '+4.4 points to 58.1'", ADP private employ was well below

expectations (+27k, weakest since late 2010). Nevertheless, data risk on Fri's 

data "not nearly as bleak as the ADP number alone implies" RBS said, as "recent

timely labor market indicators (jobless claims, Conference Board's jobs hard to

get index) have continued to suggest solid conditions in the month."

- On the flip-side, TD Securities did reduce their NFP est by 50k +140k, citing

large ADP Miss. "we would view a number in this mid-100k range as an overdue

correction to an unsustainable run rate for payroll growth, rather than the

leading edge of a sharp slowdown in economic activity .. although we recognize

markets will take little comfort in the event."