— more to come
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The US Non-Farm Payrolls was projected to show an increase of 185K jobs in May after 263K in April (before revisions). Indicators leading to the report have been mixed with the ISM Non-Manufacturing PMI beating expectations with 56.9 points, but the ADP NFP showing an increase of only 27K private sector positions – the worst since March 2010.
Wages were forecast to increase by 0.3% on a monthly basis, faster than 0.2% beforehand, and repeat the 3.2% advance year on year. The unemployment rate was set to remain at 3.6% – the lowest since 1969.
The Federal Reserve will announce its rate decision later this month and markets have been projecting a higher chance of rate cuts.
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