The upcoming US jobs report is projected to show the labor market, while still tight, may be starting to transition to more moderate payrolls growth from out-sized monthly advances. Payrolls probably increased by about 325,000 in May after rising 428,000 in each of the previous two months, according to the median estimate in a Bloomberg survey of economists ahead of Friday’s report. While still robust, the projected advance would be the smallest in just over a year. The unemployment rate is seen falling to a pandemic low of 3.5%, and average hourly earnings are forecast to rise 0.4% from a month earlier. Federal ... (full story)