With Friday’s nonfarm payroll report on the horizon, the labor market is expected to show a modest increase of 140,000 jobs, slightly down from August's 142,000.

Wednesday’s ADP National Employment Report for September signaled some resilience. The private sector added 143,000 jobs, up from 99,000 in August, bolstered by gains in goods-producing industries like construction and manufacturing.

Pay gains have slowed, with job-stayers seeing a 4.7% increase, marking a potential shift in wage pressure that could influence Federal Reserve policy.

The slowdown in job creation, combined with tempered wage growth, points to a cooling labor market that may give the Fed room to consider additional easing measures.

Markets are anticipating another rate cut in November, as the CME FedWatch tool indicates traders are assigning a 63.7% probability to a 25-basis-point rate cut in November, while ...

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