US NFP: Expect another robust gain circa 170k - Westpac

Analysts at Westpac explain that come May, they expect another robust gain in US NFP circa 170k, a touch below the 2017 average and suggest that given stable participation, the unemployment rate should also be unchanged in the month.

Key Quotes

“The nonfarm payrolls survey has continued to report strong employment growth through 2017, despite some volatile months. At 185k, the 2017 average monthly gain for payrolls is broadly unchanged from 2016.”

“The household survey has been similarly strong, the unemployment rate falling to 4.4% in April. That figure is a material improvement from January's 4.8%, and is also below estimates of full employment. The share of the population employed is at its highest level since early-2009.”