US: Unemployment rate to resume downtrend after April’s surprising rise – TDS

FX

Previewing next week key data releases from the US, “payrolls probably rose strongly by pre-covid standards but we see some downside risk versus the consensus again this month,” said TD Securities anaysts. 

Key quotes

“Our forecast implies a still-sizeable 7.7mn net decline from the pre-COVID level. The unemployment rate probably resumed its downtrend after a surprising rise in April.”

“Both ISM indexes probably rose in May after dipping in April. Our forecast for the manufacturing index is below March’s 64.7, a 37-year high, but we expect the services index to reattain the all-time high of 63.7 reached in March. (Data start in 1997.) We expect the indexes to edge down in the months ahead as the boosts from fiscal stimulus and reopening fade.”

Articles You May Like

OPEC+ trims estimate of oil surplus in 2022 to 1 mbpd from 1.4 mbpd
Gold rises Rs 52; silver falls Rs 60
NZD/USD rises above 0.6300 on an upbeat market mood and a soft US dollar
Bed Bath & Beyond replaces CEO as retailer’s sales plummet
Central African Republic president launches crypto initiative following Bitcoin adoption