Morgan Stanley Research previews the April US jobs report on Friday.

"Falling jobless claims signal even slower layoffs and a slightly faster reemployment rate at the start of April. We forecast payrolls rose 70k, with private payrolls rising 80k, about in line with the 1Q average pace," MS notes.

"That employment growth is close to our estimate of the payroll pace consistent with a flat unemployment rate, and the unemployment rate moves sideways, 4.3% but on the cusp of a 4.2%. We project average hourly earnings rise on trend 0.3% m/m. The y/y pace spikes, likely temporarily to 3.8% from 3.5% in March although it's still below the 3.9%y/y at the end of 2025," MS adds.