Here comes Markit services PMI ...

We’re about to get some more clarity on the labour market, following the subpar September jobs report.

At 9:45 a.m. ET, Markit Economics will release its services purchasing managers’ index (PMI). And then at 10:00 a.m., ISM will publish the latest non-manufacturing index.

Economists estimate Markit PMI at 55.6, unchanged from August, and ISM’s non-manufacturing index at 57.5, down from 59.0.

But a key thing to watch in these reports is employment.

The services sector is larger and has held up better than manufacturing, where we several regional surveys showed severe weakness in September. Last month, Markit’s PMI showed that job creation fell to a six-month low.

In a note to clients on Friday, Deutsche Bank’s David Bianco wrote, “A pivotal September jobs report. We expected a further decline in manufacturing jobs, but we were surprised by the sizable downshift in private jobs growth. We’re sceptical of this report, but investors and especially the Fed will heed this data point. Eyes will turn to the non-mfg ISM on Monday for confirmation …”

We’ll be back with the latest as the data cross.

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