*** Traders quizzed on how to trade Fri.....>

US TSYS: *** Traders quizzed on how to trade Fri 8:30am ET Sept jobs appear to

not favor any one approach. MNI econ poll has 70K median estimate with large

uncertainty, 4.4% jobless rate, 0.3% Avg Hrly Earnings, 34.4 hrs avg workwk.

Some may add 100K to jobs number and trade that, so 70K jobs may be traded as if

170K, under view hurricanes pulled away many jobs. Others say Fri jobs "will be

hard to read" so trading "may be a little bit more interpretive," said a trader

at primary dealer. 

- Others say Avg Hrly Earnings is key but there's no uniform view. "Let's say

the $10/hr lunch counter guy got laid off due to hurricane damage but his

supervisor at $30/hr is still working, so you'll get a higher bias," said a

trader. "There also cld be a scarcity of construction workers due to hurricanes

so that cld bias the numbers upward." 

- But if AHE comes in +0.5%/+0.6%, Tsys slide. "Traders aren't used to seeing

that beat expectations," said 1st trader. Some recent data was strongest in yrs:

Wed 59.8 Sep ISM nonmanuf. highest since 2005. "You will have to look at all the

econ. data in general, which continue to show a very strong econ." he said.