September’s jobs report, due out Friday morning, is expected to show that the US labor market has slowed somewhat but remains on solid footing.

The U.S. labor market grew at a faster rate than expected in September with notable gains in the food and beverage sector as well as health care, although manufacturing shed jobs.

Nonfarm payrolls are projected to show growth of 150,000, form 142,000 the month before, with a steady unemployment rate of 4.2%.

Pantheon Economics cited a "red flag" in September's jobs market data, and expects that the Fed to deliver more 50 basis point cuts.

The big 254,000 increase in new jobs in September is almost certainly not going to be repeated in October, economists say. How come? For starters, a strike by 33,000 Boeing employees could hold down the headline jobs number.

U.S. hiring surged in September, blowing past economist expectations and rebuking concern about weakness in the labor market. The fresh report marks one of the last major pieces of economic data before the presidential election.

Odds of a 50-basis-point cut in November dropped from 33% before the jobs report to about 9% in a matter of minutes.