US NFP Preview: 9 major banks expectations from the April release

By FXStreet We are closing in on the April’s release of US Non-Farm Payrolls data. The following are the expectations as forecasted by the economists and researchers of 9 major banks. After posting a stronger than expected 215k in March, all the 9 major banks are expecting April NFP to suggests a step down in net hiring and print a number in between 175K to 223K while the unemployment rate is expected to tick down to 4.9% from its last print of 5%.

Nomura

We expect the Bureau of Labor Statistics (BLS) to report that US nonfarm payrolls increased by a net 175k jobs in April (Consensus: 200k), suggesting a step down in net hiring from 215k in March. We have revised down our forecast by 30k from our original estimate of 205k, as the April ADP net private payrolls change came in well below market expectations, at 156k (Consensus: 195k, Nomura: 200k). Consequently, we revised down our private payrolls forecast by the same magnitude, to 170k (Consensus: 195k) from 200k previously. With respect to the rest of the data, we expect the unemployment rate to tick down to 4.9% (Consensus: 4.9%) on a rounded basis, as we believe the increase reported for …read more

Source:: FX Street