After April's big miss, experts are like ¯\\_(ツ)_/¯ when it comes to predicting May's employment data.
May employment data won’t make for a typical monthly report. It comes after April data showed that just 266,000 new jobs were created on a seasonally adjusted basis, significantly missing economists’ forecast that had come in on average at around 1 million.
Aneta Markowska, chief economist with Jefferies Financial Group, told MarketWatch that she was particularly uneasy this week after her bold 2.1 million forecast for April, a standout even among bullish estimates for the month, came up well short.“Skittish is an understatement. “Job demand indicators suggest we should be printing 1 million jobs a month; but gauges of actual employment show little to no growth. I wouldn’t be shocked if the number falls anywhere in that range,” Markowska said.
A report on Wednesday from the Federal Reserve’s 12 business districts, the Beige Book, confirmed that pricing pressures are gathering, even as the economy is staging a moderate rebound.
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