NFP Preview: Further easing of business restrictions more than offset a moderate drag – Goldman Sachs

Following the strong early signals for the key US job market data, coupled with the faster unlocking of the virus-led measures in America, Goldman Sachs came out with their preview of Friday’s Nonfarm Payrolls (May) for May.

The US banker stays bullish on the NFP forecasts while expecting +750K figures versus 664 market consensus, per Reuters. Goldman also stays ahead of the general Unemployment Rate forecast of 5.9% while expecting 5.9%, versus 6.1% prior, for today’s key announcement.

While justifying the bullish view, Goldman said, “We believe the further easing of business restrictions more than offset a moderate drag from labor supply factors and seasonality.”

Read: US Nonfarm Payrolls May Preview: Questions, questions needing answers