Dow Jones currently set to open lower as US jobs report looms

At 12.30pm GMT this afternoon the US will release the August monthly jobs report. This is perhaps especially important data this time around, given the significant downward revision seen in the BLS payrolls for 2024. Of course we know this monthly jobs report is not even close to exact science when it comes to its accuracy, or else the BLS would never have to revise the data in the first place. So, it seems absurd the markets should place so much emphasis on each monthly report, but it is what it is folks. Anyway, leaving that aside the markets will be looking for any detail that might detract, or add to the outlook for the Fed to lower rates this month. In short payrolls are forecast to rise by 160k, compared to an increase in July of just 114k. The underlying rate is forecast to fall slightly, to 4.2% from 4.3%. There are many other moving parts to this data, but for now we leave it at that. A further update will focus on the other components later on. So, the Dow Jones fell yesterday, handing back 219 points, to close at 40,755. The index future is lower this morning, currently indicating a reopening at around 40,625, but it was lower earlier.