REPEAT: US DATA PREVIEW: The median forecast for.....>

US DATA PREVIEW: REPEAT: The median forecast for September nonfarm payrolls is

+70k, but there is large uncertainty in this forecast, shown by a range from

-45k to +125k. Hurricanes Harvey and Irma are expected to be a drag on the

headline number, given the negative impact of past storms and the BLS's estimate

that 7.7% of those employed nationally are in the FEMA designated counties.

However, some analysts expect a considerably smaller drag, noting the limited

impact on jobless claims and the strong Texas Manufacturing Outlook Survey.

Private payrolls are also expected to post a soft +70k, again with a large

degree of uncertainty. The unemployment rate is expected to hold steady at 4.4%,

but could tick up to 4.5% given hurricane effects and the fact that August's

unrounded 4.442% was already close posting 4.5%. Markets and the Fed are

expected to disregard the noise, and instead look to wage growth - which is

expected to post a healthy +0.3% from a tightening labor market, while avg work

week is expected to remain unchanged at 34.4. CIBC believes that this strong

wage reading could increase market pricing for a rate hike in December