The single-most important economic data release of the month arrives this evening — US non-farm payrolls.
Here’s the state of play.
- Markets expect payrolls to increase by 225,000 in May, fractionally above the 223,000 pace seen in April.
- The unemployment rate is expected to remain at 5.4%, the lowest level since May 2008.
- Average hourly earnings, perhaps the most important element of the establishment survey at present, is expected to increase by 0.2% while the length of the average work week is tipped to remain steady at 34.5 hours.
- Non-farm payrolls have increased for the past 55 months, the longest stretch on record.
Business Insider will have full coverage of the payrolls report once it drops at 10.30pm (AEST) this evening.