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Data to watch ahead of Friday's jobs report

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Santelli Exchange: Perspectives on the economy

Reports on services industries and private payrolls due Wednesday may shed some light on growth and the timing of the next Federal Reserve rate hike as traders await Friday's jobs data.

"I'm nervous about what the employment report will be. We have ADP tomorrow, which is a precursor to Friday's report," said Bryce Doty, senior fixed income manager at Sit Investment Associates.

The ADP payrolls report scheduled to be released at 8:15 a.m. EDT on Wednesday is expected to show creation of 170,000 jobs for September, versus the 177,000 print for the prior month. While analysts said the figure does not necessarily track the nonfarm payrolls report due later in the week, any change in momentum for the ADP data could be significant.