*** On Friday's headline............>

US DATA PREVIEW: *** On Friday's headline employment data, mean estimates

running +195k vs. whisper of 177k. Take note on the latter: August employ data

has historically MISSED estimates 19 out of the last 20 years! Meanwhile,

September employ data misses are also "tilted to the high side too, though not

quite as severely as the 19 to 1 measure in August. Over the last 20 years,

where were 14 overestimates and 6 underestimates. And over the last 10 years, it

is still 7 to 3 in favor of overestimates," MNI's Director of US economic data

Kevin Kastner notes. Couple dealer estimates:

- Morgan Stanley economists estimate the "labor market to have generated 194,000

net new jobs in August, with the unemployment rate falling to 3.8% and a 0.2%

monthly increase in average hourly earnings, holding the year-over-year rate

steady at 2.7%." 

- On the high-side of estimates, RBC Capital Markets economists "look for the

unwind of a one-off event to help lift nonfarm payrolls to an above consensus

225k in August." while "unemployment rate to slide about 0.1ppt to 3.8%".