Friday's employment data is expected to fall within the "average" levels made during the past 17 years, as shown on the following three graphs.
Wage growth hasn't amounted to much during these years, so that should be a warning to sky-high markets, IMHO...especially if Congress fails to pass income tax cuts and tax reform this year.
The only time that the unemployment rate was lower than the current rate was pre-911.
|Data Source: ForexFactory.com
* UPDATE September 1...
All three employment data results came in below expectations this morning, including a revision downwards (from 209K to 189K) on last month's Non-Farm Employment Change, as well as an uptick in the Unemployment Rate, and lower Average Hourly Earnings growth...not a healthy sign for the markets to build upon, especially with this gridlocked and divided Congress.