US nonfarm payrolls are expected to have risen 228,000 last month as most of the labor market indicators continued to indicate healthy conditions, according to Societe Generale. Initial jobless claims in the April survey week reached 248,000 as compared with March period’s 259,000.
Meanwhile, the jobless rate might have dropped to 4.0% in April from March’s 5%. The labor force has increased sharply by 2.419 million since September 2015. This is expected to have slightly eased last month, resulting in a drop in unemployment rate. Average hourly earnings might have also grown for the second consecutive month by 0.3% in April, noted Societe Generale.
“Our forecast would leave the year-over-year rate at 2.4%, which would match the trailing six-month average growth in hourly earnings”, said Societe Generale.
