August nonfarm payrolls came in at 173,000 and analysts polled by Thomson Reuters expect a slight increase in nonfarm payrolls to 220,000 in August, with unemployment ticking down to 5.2 percent and average hourly earnings increasing at a steady 0.2 percent.
Some strategists are convinced that a decline in unemployment and an increase in wages will support the Fed's case for a rise in rates this month—though others are less convinced.
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"Even with a healthy print…New York Fed President Dudley suggested very recently that the upcoming jobs report will be a bit stale as the survey period came ahead of the global equity market turmoil," Peter Schaffrik, head of U.K. and European rates and economic research at RBC, said in a note to clients early on Friday.
"In other words, it is unlikely to have any material influence on the committee's decision to either raise rates or stand pat at the upcoming mid-September meeting."
Eager for any other hints on policy direction, investors also focused on a speech by Richmond Fed President Jeffrey Lacker—a known hawk—in which he said that the case for a rate hike is strong, adding that the conditions for raising rates appear to have been met.
"It's time to align our monetary policy with the significant progress we have made," Lacker said.
Meanwhile, in oil markets, the weekly Baker Hughes North American Rotary Rig Count, released on Friday, will be in focus. Brent crude for October delivery pared some losses in early trade to top $50 per barrel, while U.S. crude traded around $46.50 a barrel.
—Reuters contributed to this report.