Non-farm payroll preview - Morgan Stanley looking for +170K, 3.4% jobless rate

The US non-farm payroll jobs report is due on Friday, 2 June 2023 at 8.0am US Eastern time (1230 GMT).

Earlier:

• By the numbers: May non-farm payrolls preview -- 14 in a row?

The consensus:

Morgan Stanley are looking for a below consensus headline:

We expect total nonfarm payrolls increased by 170k in May

• an uptick in participation from 62.56% to 62.62%
• should keep the unemployment rate at 3.4%

We expect average hourly earnings to increase by 0.3%M, holding the year-over-year rate at 4.4%.