Labor Day comes a bit earlier for markets this year, with Friday's release of the critical August jobs report coming just ahead of Monday's end-of-season U.S. holiday. Judged by the torrent of labor market soundings we've seen already this week, a negative surprise from the national employment picture later on Friday seems unlikely. Consensus forecasts for a slight slowdown in the monthly hiring pace to about 170,000 additional non-farm payrolls last month, and a jobless rate steady at just 3.5%, would tally with the picture painted by other employment measures this week.
Traders work on the floor of the NYSE in New YorkLabor Day comes a bit earlier for markets this year, with Friday's release of the critical August jobs report coming just ahead of Monday's end-of-season U.S. holiday.Judged by the torrent of labor market soundings we've seen already this week, a negative surprise from the national employment picture later on Friday seems unlikely.
On the flipside, more up-to-date weekly jobless claims fell again and the consensus payrolls estimate has ticked higher from 150,000 only last week. An update from the Atlanta Fed's real-time GDPNow estimate, which last week clocked an annualised growth rate for Q3 of 5.9%, will also be watched very closely later on Friday.
In Europe, investors are also split on whether the European Central Bank is done tightening ahead of this month's policy meeting, after data showed inflation remained sticky above 5% last month. A factory survey on Friday showed the downturn in euro zone manufacturing eased last month.
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