Locked and loaded for another edition of jobs Friday

The US jobs report is coming up at the bottom of the hour. A few things to keep in mind as the data crosses:

  1. The consensus is +300K on jobs and +0.4% on average hourly earnings
  2. There's a strong historical pattern of weak August NFP readings
  3. Goldman Sachs: "Sweet spot for stocks tomorrow is a 0 – 100k headline reading...should get a 100+bp rally for S&P in this scenario after this recent drawdown. If we happen to get a negative number an even sharper rally."
  4. ING: "The market may not really need a big surprise to fully price in a 75bp hike in September, and a respectable jobs report may be enough to trigger another leg higher in the dollar today."
  5. The dollar is near major resistance on a handful of fronts. This could be the tiebreaker. Next week's US economic calendar is light and the CPI report is Sept 13
  6. Durable goods orders data for July is due out at 10 am ET. It's probably not a big market mover but it will be notable
  7. There are no scheduled Fed speakers today
  8. Monday is a holiday in the US, which could dampen liquidity in the latter half of the day