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October 5, 2012  Fri 1:16 AM CT

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Today's economic calendar will be dominated by the government's monthly Employment Situation Report at 8:30 a.m. ET.

Economists expect that 165,000 jobs were added to non-farm payrolls last month versus 96,000 in August. A reading significantly above 165,000 would likely be interpreted as a bullish signal, while a big miss would probably raise concerns about the state of the economy. Reaction, however, may not be immediately obvious because traders may also attempt to anticipate how policymakers will react to a bad number.

Labor data has been mixed recently, with last month's report far below forecasts. But weekly jobless claims yesterday and ADP's private-sector payrolls report on Wednesday were better than expected.

The Labor Department will announce the unemployment rate at the same time as the payrolls number. Economists on average expect the rate to come in at 8.2 percent, up from last month's 8.1 percent. This number, however, has less impact because it can be skewed by people entering the workforce.

Europe has items on the agenda as well, with regional GDP and German factory orders respectively scheduled for 5 a.m. ET and 6 a.m. ET.

At 1 p.m. ET, Federal Reserve governor Elizabeth Duke will make a speech in New York. While the subject of her talk will be neighborhood stabilization, it could draw some attention because she is a member of the policy-making Federal Open Market Committee.
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