US Labor Market Braces for Slowing Job Growth in September

The US Bureau of Labor Statistics (BLS) will release its September non-farm payrolls report on Friday, October 2 at 13:30 UK time. The report measures the change in US jobs outside farming and also provides data on unemployment rates and average hourly earnings.

The consensus forecast is for a gain of 90,000 jobs in September, which would be slower than the strong August reading of 162,000. This figure sits above the 31,000 monthly average cited by the BLS over the past 12 months. Unemployment is expected to remain steady at 4.1%, while average hourly earnings are forecast to rise 0.3% on the month and 3.1% on the year.

The report will be closely watched for any signs of cooling in the labor market, which could have implications for interest rates. The Fed's benchmark rate target range is currently between 3.75% and 4.00%. Any revisions to previous months' data will also be scrutinized, particularly for June and July.