Goldman's May NFP Preview

A few excerpts from Goldman Sachs' May Payroll Preview by economists Zach Pandl and Elad Pashtan: We forecast that nonfarm payroll employment increased by 165,000 in May, close to consensus expectations for a 160,000 increase. Payroll growth should be held back by a strike at Verizon Communications, which BLS figures suggest idled 35,100 workers during the survey period. We expect the U3 unemployment rate to decline to 4.9%, although risks look tilted to the upside. Average hourly earnings likely rose at a trend-like pace of 0.2% last month, slightly below April's 0.3% gain. ... Verizon......(read more)

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