The monthly US employment report is Friday's main event. The Econoday consensus sees nonfarm payrolls up a respectable 120,000 in May, though down from an unexpectedly large 177,000 in April. Forecasts range from increases of 100,000 to 190,000. The consensus sees another month of no change in the unemployment rate at 4.2 percent -- forecasts range from 4.1 percent to 4.3 percent. Private payrolls are expected up 120,000 with a range of 95,000 to 140,000. The consensus sees manufacturing jobs flat.

After weaker than expected results this week in the Institute for Supply Management's manufacturing and services reports for May and another week of higher than expected jobless claims, the market whisper number is 110,000 or lower. That would fit with the market narrative that sees the economy slowing or even stalling as the year goes on in the face of policy uncertainty and tariff effects.

Market Focus details key factors in the coming day that will impact the economic outlook and the financial markets. These include central bank events, economic indicators, policymaker speeches as well as expected political and corporate developments.

Keeping up-to-date with event schedules and the economic calendar is key to understanding the global financial system. Econoday's Market Focus allows investors and policymakers to carefully track what will be making news and moving the financial markets in the coming day.