Today's consensus is for 185 000 new jobs in the private sector as previous data showed 211 000. Top 9 of the traders with highest ranking in forecasting the data are divided in their expectations. Five of them are waiting better data and four are negative in their forecast. Wider expectations are positive and await big increase in job creation. ADP nonfarm employment change data from yesterday was way above consensus which gives us a reason to expect way better data today too.
New jobs created for April were above the average for the past 5 years. This increases the probability for a better than 185 000 for May.
Percentage change in job creation also give us a signal to wait for a better data. The rate in increase From April to May creates an expectation for more than 185 000 today.
Trader Nikolay Georgiev
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