Market Insider

All eyes on the Fed, big jobs Friday

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Traders will digest on Friday one of the most significant data releases of the summer for its implications on the timing of the first rate hike since 2006.

Due at 8:30 a.m. ET the August nonfarm payrolls report is the final read on monthly labor conditions out before the Federal Reserve makes a decision on interest rates at its meeting in about two weeks.

"To me the data tells me we are right on track for a rate hike," said Jeffrey Cleveland, chief economist at Payden & Rygel, which has more than $95 billion in assets under management.