Preview of Friday’s employment report

The household survey has been in decline for several months, with lower highs and lower lows:

Same with the non farm payroll report:

Analysts are counting on Friday’s report showing August being revised up substantially and September payrolls to be up over 200,000.

Anything could happen, of course, but something less than that would be in line with the narrative about the 1.2 million who lost benefits at year end taking menial jobs best they could earlier this year, causing those prints to be higher than otherwise, etc.