Jobs report, wage growth, and unemployment rate in focus Friday

As traders approach another pivotal day for financial markets, a series of crucial economic data releases that could sway market dynamics are expected on Friday, October 4, 2024. The U.S. labor market will be in the spotlight with the release of key employment figures, including nonfarm payrolls, unemployment rate, and average hourly earnings. These reports are likely to provide valuable insights into the health of the American economy and could influence Federal Reserve policy decisions.

Major Economic Events to Watch

• 8:30 AM ET – Nonfarm Payrolls (Sep): Expected 148K, Previous 142K. Measures change in employment excluding the farming industry.

• 8:30 AM ET – Unemployment Rate (Sep): Expected 4.2%, Previous 4.2%. Percentage of the total workforce that is unemployed and actively seeking employment.

• 8:30 AM ET – Average Hourly Earnings (MoM) (Sep): Expected 0.3%, Previous 0.4%. Measures the change in the price businesses pay for labor.

Other Important Economic Events to Watch

• 8:30 AM ET – Private Nonfarm Payrolls (Sep): Expected 125K, Previous 118K. Measures change in private sector employment.

• 8:30 AM ET – Average Hourly Earnings (YoY) (Sep): Expected 3.3%, Previous 3.8%. Year-over-year change in wages.

• 8:30 AM ET – Participation Rate (Sep): Previous 62.7%. Measures the share of working-age population either working or looking for work.

• 9:00 AM ET – FOMC Member Williams Speaks. New York Fed President’s remarks may offer insights into monetary policy.

• 1:00 PM ET – Baker Hughes U.S. Rig Count: Previous 484. Indicator of demand for oil products.

• 1:00 PM ET – U.S. Baker Hughes Total Rig Count: Previous 587. Total number of active drilling rigs.

• 3:30 PM ET – CFTC S&P 500 speculative positions: Previous -35.8K. Indicates market sentiment for S&P 500 futures.

Other Economic Events to Watch

• 8:30 AM ET – Manufacturing Payrolls (Sep): Expected -5K, Previous -24K. Employment change in the manufacturing sector.

• 8:30 AM ET – Government Payrolls (Sep): Previous 24.0K. Change in government employment.

• 8:30 AM ET – Average Weekly Hours (Sep): Expected 34.3, Previous 34.3. Average number of hours worked by employees.

• 8:30 AM ET – U6 Unemployment Rate (Sep): Previous 7.9%. Broader measure of unemployment including marginally attached workers.

• 3:30 PM ET – CFTC Aluminium speculative net positions: Previous 3.9K. Indicates market sentiment for aluminium futures.

For further information and the latest updates, please refer to our Economic Calendar, here.

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