US data previewed - Nomura

Analysts at Nomura offered a preview of the US data coming up.

Key Quotes:

"JOLTS: The job openings rate improved in March and stands at its highest level since July 2015. But other measures of labor market dynamics have been slower to recover, with the hiring and separation rates still modestly below prerecession levels. Better labor market “churn” (i.e., hires and quits) would help create more wage pressure in the labor markets, as it generally means workers see more attractive job offers elsewhere.

Quarterly services survey: Due to the absence of many high-frequency indicators that provide timely readings on activity in the service sector, the Bureau of Economic Analysis (BEA) incorporates data from the QSS, which measures service sector output, into its GDP estimate. Therefore, the QSS for Q1 has the potential to affect the third estimate of Q1 GDP.