Jobs Report, Wage Growth, and Unemployment Rate in Focus This Friday

As traders prepare for an important day in the financial markets, several critical economic data releases are expected on Friday, October 4, 2024, which could significantly influence market trends. The focus will be on the U.S. labor market, with essential employment statistics including nonfarm payrolls, the unemployment rate, and average hourly earnings. These reports are anticipated to provide key insights into the state of the American economy and may impact Federal Reserve policy decisions.

Major Economic Events to Watch

• 8:30 AM ET – Nonfarm Payrolls (September): Projected at 148K, up from the previous 142K. This figure tracks employment changes excluding the farming sector.

• 8:30 AM ET – Unemployment Rate (September): Expected to remain at 4.2%, the same as the previous month. This percentage indicates the portion of the workforce that is unemployed and actively seeking work.

• 8:30 AM ET – Average Hourly Earnings (MoM) (September): Forecasted at 0.3%, a decline from the previous 0.4%. This metric measures the change in wages paid to employees.

Additional Important Economic Events

• 8:30 AM ET – Private Nonfarm Payrolls (September): Predicted to be 125K, an increase from 118K previously. This figure reflects changes in employment within the private sector.

• 8:30 AM ET – Average Hourly Earnings (YoY) (September): Anticipated at 3.3%, down from 3.8%. This represents the year-over-year change in wages.

• 8:30 AM ET – Participation Rate (September): Previous data was 62.7%. This measures the proportion of the working-age population that is either employed or actively seeking employment.

• 9:00 AM ET – FOMC Member Williams Speaks: Statements from the President of the New York Fed could provide insights into potential monetary policy changes.

• 1:00 PM ET – Baker Hughes U.S. Rig Count: Last recorded at 484, this indicator reflects the demand for oil products.

• 1:00 PM ET – U.S. Baker Hughes Total Rig Count: Previously recorded at 587, it represents the total number of active drilling rigs.

• 3:30 PM ET – CFTC S&P 500 Speculative Positions: Last noted at -35.8K, this figure indicates the market sentiment for S&P 500 futures.

Other Economic Indicators to Monitor

• 8:30 AM ET – Manufacturing Payrolls (September): Expected to show a change of -5K, an improvement over the previous -24K.

• 8:30 AM ET – Government Payrolls (September): The previous figure was 24.0K, tracking changes in government employment.

• 8:30 AM ET – Average Weekly Hours (September): Forecasted to remain at 34.3 hours, consistent with previous readings.

• 8:30 AM ET – U6 Unemployment Rate (September): Previously reported at 7.9%, this broader measure includes marginally attached workers.

• 3:30 PM ET – CFTC Aluminium Speculative Net Positions: Last recorded at 3.9K, indicating market sentiment for aluminium futures.

Note

This article was generated with the assistance of AI and has been reviewed by an editor.