US non-farm payroll report, almost always released on the first Friday of the month, is probably the most important data release on the economic calendar.
Markets this week have been spooked by soft macro manufacturing and private jobs data this week, setting off alarm bells that this Friday's closely watched NFPs will confirm a slowdown in hiring.
The consensus forecast for the NFP numbers is for 145K new jobs to have been created in September, up from 130K the month before.
"Fundamentally, the tightening in the labour market looks nowhere near done," said economists at RBC Capital Markets, noting that job openings have been running above the level of unemployed folks for an unprecedented 14th straight month.
RBC noted that the trend of the labour force unemployed for 14 weeks or less has remained near the cycle lows in the August report and at the lowest levels since the mid-1950s.
"Critically, this metric tends to lead the overall unemployment rate historically and suggests the 3.7% rate we have been stuck at for months now is very unlikely to be the low point of the cycle."
The US jobs report, stresses Naeem Aslam at Think Markets, shapes the trading trends for global markets as the Federal Reserve pays close attention to this number as part of their mandate, with an improving labour market usually pointing to an increase in consumer confidence which means more stability in consumer spending.
President Trump has been badgering the Fed too, so a big move in the NFP would add to pressure on the policymakers, with Fed chairman Jerome Powell expected to deliver a speech later in the day.
"Trump is unlikely to be happy on Friday even if the US NFP data beats the expectations," said Aslam, expecting the President to continue suggesting that the Fed can improve the health of the economy by lowering interest rate.
"If the economic numbers show a feeble nature, then expect a full-blown rant from the president."
Friday 4 October:
Trading statements: Audioboom Group PLC (LON:BOOM)
Economic data: US non-farm payrolls, unemployment, earnings