Market movers today
Today, the US jobs report for May is due, one of the last important data releases ahead of the Fed's meeting later this month. We forecast nonfarm payrolls rose 170,000 in May but note the ADP report released yesterday showed a stronger increase of 253,000. The Markit PMI employment index suggests slower growth of around 100,000. We estimate the unemployment rate increased from 4.4% to 4.5%, as labour force growth was weak at the end of 2016 and in the beginning of 2017 and we think we could see some reversion. We estimate average hourly earnings rose +0.2% m/m, implying an unchanged annual growth rate of 2.5% y/y.
In the UK, we are scheduled to get construction activity for May.
In Norway, we are due to see NAV unemployment data, to which we assign greater importance than to Labour Force Survey (LFS) data. We expect the NAV measure to show a fall in the jobless rate to 2.6% in May, with gross unemployment down 500 people m/m. In Denmark, we get numbers for currency reserves and unemployment data.
To read the entire report Please click on the pdf File Below