Welcome to Seeking Alpha's Wall Street brunch, our Sunday look ahead to this week's market moving events,

along with the weekend's top news and analysis.

Hello, today is Sunday, September 1st, and I'm your host, Kim Khan.

Labor Day Week on Wall Street will be all about, well, Labor.

The August jobs report hits Friday on the holiday short and week, and after the fireworks

sparked by the July numbers, expect a lot of jockeying for position ahead of the print.

Economists are expecting non-farm payroll rolls to have risen by 164,000 on the month,

with the unemployment rate ticking down to 4.2 percent and average hourly earnings up 0.3 percent.

Nomeira said underlying employment growth is cooling, but the weakness seen in July appeared to be exaggerated by a temporary weather impact which should normalize in August.

Hiring is slowing, which should put upward pressure on the unemployment rate in the medium term,

but without widespread layoffs the rise should be gradual, they added.

Pantheon Macro says apart from the home-based figures,

which seem to be struggling to track official numbers of late,

other labor indicators generally point to a labor market which is softening, though not imploding.

But a weak payroll's number could put a September Fed rate cut of 50 basis points back on the table.

Right now the markets are pricing in just a 30% chance of a half-point cut, but they are also

pricing in a full point of cuts by the end of the year with just three meanings to go.

In response to the latest Fed minutes, T.S. Lombard economist Stephen Blitz says,

the FOMC is a lot less sure about whether policy is in the right spot than it was six weeks ago. Then we read

how monetary policy was well positioned to handle whatever came next. No such

phrasing in July, just hand-ringing about the uncertainty of how policy leads and lags will affect economic activity.

With employment risk up and inflation risk down, some participants noted the risk that a further gradual easing in labor market conditions could transition to a more serious deterioration.

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