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Here comes the jobs report ...

Oct 7, 2016, 17:38 IST

A coal miner looks on as Republican presidential candidate and former Massachusetts Governor Mitt Romney speaks during a campaign rally at American Energy Corportation on August 14, 2012 in Beallsville, Ohio. Mitt Romney is wrapping up his multi state bus tour with campaign events in Ohio.Justin Sullivan/Getty

Happy jobs day!

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At 8:30 a.m. ET, the Bureau of Labor Statistics will let us know what America's employment situation was last month.

The median of economists' forecasts for the change in nonfarm payrolls is 172,000, according to Bloomberg. They expect the unemployment rate to remain unchanged near an eight-year low of 4.9%.

More wage growth is forecast for American workers. Average hourly earnings are estimated to rise 0.3% month-on-month, and 2.6% compared to September 2015.

If wages do continue their uptrend, that could provide some of the higher inflation that the Federal Reserve has long said it expects to see.

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Markets will be focusing on the Fed where this report is concerned, as expectation rises that it will raise its benchmark interest rate at its December meeting.

For everyone else, if these forecasts hold, the report should continue to affirm the job market's strength and its progress towards full employment.

"The combination of more moderate payroll growth, accelerating wage gains and risk for a lower unemployment rate should lend a constructive tone to the report," said TD Securities strategist Brittany Baumann.

"Finally, one aspect of the report that gets less attention is average weekly hours, which dipped to a 2-year low of 34.3 hours in August. A recovery to 34.4 is expected and would be a welcome development as the low read is not encouraging for economic activity in the second half of this year."

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