If December's employment report misses the mark, it wouldn't surprise some of the sourpusses in the bond market.
Bond traders were pricing in a soft jobs number after Thursday's ADP payroll data came in at 153,000 private sector payrolls for December, well below the 175,000 expected. ISM nonmanufacturing data also showed weakness in the employment component.
Economists are expecting 178,000 nonfarm payrolls in Friday's 8:30 a.m. ET government report, according to Thomson Reuters. Other consensus forecasts were higher, including at 185,000.
According to Thomson Reuters, economists also expect a slightly higher unemployment rate at 4.7 percent and average hourly earnings growth of 0.3 percent. That compares with 178,000 jobs in November, and an unemployment rate of 4.6 percent.