US jobs report is due Friday - NFP preview

US nonfarm payroll report is due on Friday 5 April 2019, at 1230GMT

• headline expected (median consensus) is 180K, unemployment at 3.8%, hourly earnings 0.3% m/m & 3.4% y/y

HSBC are under consensus for the headline in their preview:

• expect … 165,000 … from a subpar 20,000 increase in February
• average hourly earnings rose 0.3% m-o-m in March. Depending on rounding, this may be enough to keep the y-o-y rate of increase unchanged at 3.4%.
• The unemployment rate fell to 3.8% in February from 4.0% in January, as furloughed federal employees who were previously on temporary layoff returned to work. We expect the unemployment rate was steady at 3.8% in March.