USD in focus: September NFP preview, jobless rate seen steady at 4.1%

This is a data preview, and the source reports no price move, pip figures or technical levels. The headline consensus for September non-farm payrolls is listed at +910K. That figure compares with +162K in August and +21K in July, and private payrolls are expected at +85K. The unemployment rate is forecast to hold at 4.1%. The participation rate was 61.6% and the U6 underemployment rate was 7.7% in the prior report. Average hourly earnings are expected to rise 3.2% y/y, up from 3.1%, and 0.3% m/m, matching the prior reading. Average weekly hours are seen at 34.3, down from 34.4. Among September labour indicators released so far, ADP employment rose 90K, above the 75K expected and the 36K prior. ISM services employment had not yet been released. For USD traders, the key comparisons are the headline payrolls figure against consensus, the slightly firmer wage growth forecast and whether the ADP beat carries over into the official report.