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

US DATA PREVIEW
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."

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