Us jobs data will be released today
The official BLS calendar confirms the October 2 release. Reuters' economist survey calls for 90,000 new nonfarm payrolls and an unemployment rate of 4.1%, compared with 162,000 and 4.1% previously.
Average hourly earnings are expected to rise 0.3% month over month and 3.2% year over year, versus 0.3% and 3.1% previously.
Payroll growth clearly above 90,000, unemployment at or below 4.1% and stronger wages could revive expectations for additional Fed tightening. That scenario would generally be positive for the US dollar and Treasury yields but negative for rate-sensitive Nasdaq and technology stocks.
Expectations for an October rate increase have fallen sharply in recent days, making a strong jobs surprise potentially important for repricing the Fed outlook.
A weaker payroll reading, higher unemployment or softer wage growth could instead strengthen expectations that the Fed will remain on hold, potentially weighing on the dollar and shorter-term Treasury yields while supporting Nasdaq and technology shares.
Revisions to previous months will also be important when interpreting the headline number.
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