Tonight the most closely-watched economic data release worldwide will be released, US non-farm payrolls.
Here’s the state of play.
- In April payrolls grew by 280,000, the largest net increase recorded since December 2014. Payrolls have grown for 56 consecutive months, the longest stretch on record.
- Despite the acceleration in jobs growth, a 0.1% increase in labour force participation saw the unemployment rate increase to 5.5% from 5.4%.
- Elsewhere average hourly earnings, perhaps the most important figure in terms of future monetary policy from the US Federal Reserve, increased by 0.3% leaving the annual rate of growth at 2.3%. Hourly earnings have been growing at the fastest pace since October 2009. The length of the average workweek held steady at 34.5 hours.
- In May economists expect payrolls growth of 230,000 with the unemployment rate expected to tick lower to 5.4%. Average hourly earnings are forecast to rise 0.2% with the average workweek tipped to remain steady at 34.5 hours.
- Overnight the ADP national employment report, a gauge on private sector payrolls growth, increased by 237,000, well above the 218,000 level expected and the fastest pace of growth recorded since December 2014.
The data will be released at 10.30pm (AEST). Business Insider will have full coverage as soon as the data drops.
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