Heading into Tomorrow’s Non Farm Payrolls (NFP) report for May, economists are expecting an increase in payrolls of 160K, which also happens to be what last month’s reported number was.  In the private sector, economists are expecting an increase of 150K, which would be a similar level to what the consensus is expecting for the headline number and a 21K decline from last month.  The unemployment rate is forecasted to fall back down to an extraordinarily low level of 4.9% from 5.0% last month.  Growth in average hourly earnings is expected to decline to 0.2% from 0.3%, while hours worked is forecast to remain unchanged at 34.5.  Net net, economists aren’t expecting much of a change from April’s reading.

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