TD Research discusses its expectations for the US jobs report for the month of May and looks for 500k in the NFP print on Friday versus 663k for consensus.
"Payrolls probably rose strongly by pre-COVID standards, but we see some downside risk versus the consensus again this month. That is our takeaway from the timely, albeit not fully comprehensive, Homebase data," TD notes.
"Our forecast implies a still-sizable 7.7mn net decline from the pre-COVID level. The unemployment rate probably resumed its downtrend after a surprising rise in April," TD adds.