This Friday, at 2:30 pm, operators will follow very closely the Department of Labor report on the employment situation in the United States for the month of May. Although the ATP’s significant figures on private employment were released yesterday, the consensus of economists did not change significantly in the government report. It has 650,000 non-agricultural jobs in May, including 620,000 in the private sector, according to Factset. The U.S. unemployment rate is expected to fall to 5.9% from 6.1% a month ago. The labor contribution rate is expected to be 61.8%. It is estimated that the average hourly wage will increase by 0.2% compared to the previous month and by 1.6% in a year.
According to the ATP report released yesterday, job creation in the private sector in the United States in May 2021 exceeded expectations by 978,000, 650,000 by consensus and 654,000 by April. Note that employment at the beginning of April was estimated at 742,000. In May, according to the ATP, small businesses created 333,000 jobs, medium-sized 338,000 and adults 308,000 jobs. With 850,000 jobs, services represent the bulk of the performance, compared to 128,000 for the manufacturing sector. 440,000 jobs were created in the leisure and hospitality sectors.
According to a recent study by Challenger, US companies announced 24,586 layoffs in May, up from 22,913 a month earlier. According to Challenger, Gray & Christmas, these job cuts, announced in May 2021, show a 94% year-on-year decline compared to May 2020.
Unemployment claims for the week ended May 29, released yesterday, stood at 385,000, slightly lower than expected. Unemployment claims in the United States have been falling for the fifth week in a row, falling below its pre-epidemic level.
The day will also mark Wall Street with the issuance of durable goods orders for the month of April at 4 p.m. The consensus was adjusted for -1.3% seasonal variations compared to the previous month. Excluding traffic, this consensus is + 1%. April industrial orders are expected to be up 0.5%.
Finally, Central Bank President Jerome Powell will speak during the day at a climate conference. He will not be alone, as Christine Lagarde of the ECP and Yi Kang of the Bank of China will also be part of the party.