KEY POINTS
  • In normal times, strong job gains and rising wages would be considered a good thing. But these days, they're exactly what the U.S. economy doesn't need.
  • Economists surveyed by Dow Jones expect the report will show that payrolls increased 275,000 in September, while the unemployment rate held at 3.7%.
  • An upside surprise could mean a more aggressive Fed that could roil markets.
  • Along with the headline job number, investors will be watching wage growth closely.
A worker takes a panini sandwich off a grill at a restaurant in the Union Market district in Washington, D.C., on Tuesday, Aug. 30, 2022.

Investors are closely watching the nonfarm payrolls report due out Friday, but not for the usual reasons.

In normal times, strong job gains and rising wages would be considered a good thing. But these days, they're exactly what the U.S. economy doesn't need as policymakers try to beat back an inflation problem that just won't seem to go away.