Seems most analysts focused on......>

US DATA PREVIEW: Seems most analysts focused on continuing claims in today's

report [Median 25.1mln, Hi: 28mln, Lo: 19.3mln].

- Deutsche writes that the trend in continuing claims is the key to the May

unemployment report, and they would "need to fall back toward the 18.011mn

registered during the April employment survey to be confident that the U-3

unemployment rate will fall in May". They add, "this may be a tall task without

a more pronounced drop in initial claims over the coming weeks and more rapid

re-hiring as more of the economy begins to reopen."

- Standard Chartered says that the mid-March to April data was bad but that was

expected, and didn't really force a re-evaluation of expectations. They project

May's data "to show deterioration at a slower pace, but think that investors are

looking at the balance between initial and continuing claims to assess the pace

at which reopening would lead to better labour-market outcomes." Main thing is

stabilization in continuing claims "that would point to a balance between job

losses and additions", while a drop in continuing claims would be a "very

positive signal" that would point to rehiring.