Consensus estimate +325KPrivate +325KApril +428KUnemployment rate consensus estimate: 3.5% vs 3.6% priorParticipation rate consensus 62.2% priorPrior underemployment U6 prior 7.0%Avg hourly earnings y/y exp +5.2% y/y vs +5.5% priorAvg hourly earnings m/m exp +0.4% vs +0.3% priorAvg weekly hours exp 34.6 vs 34.6 priorHere’s the May jobs story so far:ADP +128K vs +300K expected ISM services employment not yet releasedISM manufacturing employment 49.6 vs 50.9 priorPhilly employment 25.5 vs 41.4 priorEmpire employment 14.0 vs 7.3 priorInitial jobless claims survey week 195K vs 197K expI don’t see this as a particularly important report. A 50 bps hike from the Federal Reserve is baked in and there’s no reasonable number here that could change that. Average hourly earnings is the detail to watch because a sharp rise in that beyond the 5.2% y/y expected could jar the Fed into a more-hawkish stance. We got a hint of that Wednesday from Daly as the talk about going beyond neutral if necessary ramps up.