NFP: U.S. Jobs Recovery To Get Back On Track But Will It Be Enough For The Fed?
XM Group | Jun 02, 2021 09:02AM ET
Is NFP getting harder to predict?
The US economy added just 266k jobs in April – a more than respectable figure under normal conditions but a paltry gain during a pandemic when total employment remains more than 8 million below pre-virus crisis levels and when expectations were for a rise of 978k. The estimates for May keep getting revised substantially – the latest Refinitiv forecast is 664k – and this has been the case for the past few months as analysts have been finding it difficult to get an accurate read on the health of the labour market.
If nonfarm payrolls miss expectations again by a wide margin, it would be hard to see dollar/yen holding above its 50-day moving average and sellers could target the April low of 107.46.
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