Don’t expect a blowout jobs report on Friday. The economy is expected to add 185,000 jobs in October, according to Thomas Simons, an economist with Jefferies, based in New York. That’s ahead of the disappointing 142,000 non-farm payrolls added in September, but below the psychologically important 200,000 monthly threshold. While Simons said the 200,000 level was once important, as the economy approaches maximum employment, that figure becomes less symbolic. ‘We’ve seen various Federal Reserve officials talk about a lower bar,’ he said. In a reversal from the double dose of downward revisions seen in September’s report, Simons actually expects to see an upward revisions to prior month’s numbers in Friday’s print. ‘We think it’s possible that there are some calendar fluctuations with Labor Day timing,’ he added. ‘It was later this year than it usually is, which created some distortions that will be unwound in the next report.’ Aside from jobs, the Labor Department will also release the latest reading on average hourly earnings, which Simons expects to rise 0.2 percent during October, pushing the rate up by 2.4 percent year-over-year. TheStreet’s Scott Gamm reports from New York.
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