Forex News June 3, 2022

 

US nonfarm payroll

  • Goldman Sachs provides a preview of the US nonfarm payroll report.
  • A snippet from Goldman Sachs, where analysts are far below the consensus:
  • GS estimates nonfarm payrolls increased by 225k in May, down from +428k in both of the previous two months and below the consensus of +323k
  • A one-tenth drop in the unemployment rate to 3.5 percent, in line with expectations
  • Job growth tends to slow during the spring hiring season when the labour market is tight, especially in May before the arrival of the youth summer workforce, and all four Big Data employment indicators we track point to a report that is below consensus.
  • Job postings data also point to a sequential decline in labour demand, albeit to still very high levels.

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