“Our preliminary forecast range for May nonfarm payrolls is 60k-130k, with the central tendency clustering around 90k – lower than the consensus of 130k at the time of writing. We think one sector — leisure and hospitality — accounted for most of the weakness, as subpar international tourism and a pullback in government travel led to a slump in demand. However, construction, and transportation and warehousing – two sectors that typically provide the next most-important seasonal job growth in May – are holding up.”