Economic wrap: awaiting nonfarm payrolls - Westpac

Analysts at Westpac offered an economic wrap.

Key Quotes:

"ECB minutes confirmed that further easing remains possible, but that the current measures need to be given time to work. There was no obvious suggestion of discussions on tapering plans.

US jobless claims fell from 254k to 249k in the latest survey week (vs 256k expected), just above a 42-year low.  

Economic Event Risks Today

Today’s clear highlight for markets will be the US payrolls report for September. The median estimate is 172k jobs added, for an unchanged unemployment rate of 4.9%. We expect a gain of 160k, with participation constant to yield an unemployment rate of 4.8%.

There’s also a barrage of Fedspeak  to keep markets attentive, from Fischer, Mester, George and Brainard."