welcome. you're watching worldwide exchange. >> here are your headlines from around the world. >> don't let the party go on too long warns the fed's jon williams as he says today's jobs data could help tip the balance toward a rate hike at the october meeting. >> thoughts and prayers are not enou enough. th obama pleads after another fatal shooting in oregon. >> somehow this is routine. the reporting is routine. my response here at this podium

ends up being routine. we have become numb to this. >> experian is hit by a data breach that could effect 15 million customers that signed up for their service sending shares lower in london. >> sprint banks on job cuts to help the wireless carrier cut up to $2.5 billion in costs according to a memo seen by the wall street journal. >> all right. quick peak at u.s. futures and what we're expecting today is a slightly higher start to the trading session. the s&p 500 taking fair value into account seen up by 7.5 points or so and the nasdaq expected to open higher by 22 points or so. this is after a mixed close in yesterday's trading session. the dow was off by a fraction but the s&p and nasdaq managed to eek out a very modest gain. the weakest since 2013.

the dow is down nearly 2011 points but as i mentioned we closed a little bit higher than that. >> don't let the party go on too long so says san francisco fed president jon williams of the easy policy which central banks are due to start reigning in. williams said policy makers did not need much more data to make a decision and said if today's job growth was above 150,000 that would be, quote, good. >> let's tell you what we're expecting from today's number. what clues will today's non-fund payroll report prove for investors looking for answers from the fed? >> 200,000 jobs were added in the month of september while the unploilt rate is expected to stay steady at 5.1%. some are hoping for signs of a rebound after employment growth in august came in at the slowest rate in five months. >> it comes on the back of a solid adp report. the strongest reading since

june. as has been the case through the recovery, the services sector lead the way taking on 188,000 more employees. construction hiring was also the best it had been since february 2006. but the big drag was the manufacturing sector shedding 15,000 jobs. able lists pointing to the stronger dollar and weaker international economies for the worst reading since december 2010 in manufacturing. so we're waiting once again for another jobs number and once again trying to draw from it whether we'll see rate hikes soon after or not. but i have to say, the momentum is what we have all been looking at and that has been very strong all year and it wasn't enough for a hike in september. so i don't think this print itself makes a difference. >> i think i would actually have to agree with you for once, actually. absolutely, you're right. the jobs picture is pretty solid. 5.1%. any central bank would dream of that number.

plus 200,000. august was a little bit of an outlier. so that's one of the key things to look out for. wages also fairly important. not super important but pretty important. we're expecting a number year on year of 2.4%. that would be the fastest pace since 2009. but, what's the more important factor for the fed? international developments and that's why they didn't hike in the month of october. >> indeed. janet yellen and co, they don't want to hike too early and go down as the central banker that derailed the recovery and for me i agree it's international situations adding to their fear of going too early but i don't think it's global growth. i think it's what they fear will happen in other banks. european central bank but china. is that about to ease. do they want to be hiking the fed and see the dollar shoot up

off the back of that? i don't think they do. >> you might be right on that front too. interesting look at currencies this week. the dollar has been very much range bound against other currencies even though some of the commodity related currencies lost a lot of steam. a lot of people say once we do get a better than expected number. a very strong number today it might not be the reaction of the dollar that we're going to be seeing. it height be the much bigger reaction in the commodity currencies. >> that's a good point to make on the currencies because the volatility continued in equity markets very much over the last month or so but major currency pairs for the last couple of weeks have been broadly flat moving around a little bit but the volatility hasn't been there and people are quite comfortable. >> treasury yields as you see that yesterday. >> indeed. >> yeah, five week lows. all right. let's move on and let's talk a little bit about glencore commodity trading and mining giant glencore is licking it's wounds after a tough weak but

moving ahead with it's debt reduction plans. kate kelly has new information on the story and is outside the london office. kate. >> hey, carolyn. thank you so much. as you know, as you just eluded to its been a tough week with shares hitting an all time low. the highest since it's ipo. they have been working to convince the market and convince investors that they're moving ahead with a $10 billion debt reduction plan. a couple of details in terms of the asset sales they're planning. these are by product associated with two mines in peru. that's moving ahead nicely from what i'm told and they expect to announce a deal as early as october in the next couple of weeks of a billion dollars and a bit more than that. they're also actively working on a agri-business sale. unclear exactly what the price of that would be but if you

figure on a $10 billion multiple which is what analysts and others have talked about it could be in the low billions of dollars. this is on top of suspending the dividend and taking other measures to reduce their debt t. goal to get the net deal from 30 billion earlier this year and 20 billion by the end of the year and more in the year or so to come. now the ceo seeking to reassure employees. on tuesday evening he set out a note to staff noting they had a week but saying their liquidity position was very robust and saying they didn't need to access the debt markets again given their current debt stuck tour hoping to offer reassurance. that same note has been struck in terms of a meeting this week held here in london with with creditors and some people feel reassured. one thing people are pointing to guys is the short pressure in the stock. there's at least two hedge funds that disclosed substantial sort

conditions. one is a london hedge fund and the other is a west coast u.s. hedge fund called passport capital but whether or not they're going to let up is clear. so far we're flat. >> you talked about potential asset disposals. there's a lot of concern in the market that these asset disposals would happen at fire sale prices. do you share that concern? >> that of course is the concern. so far i'm not necessarily hearing that. it sounds like they're going to take a little bit of time on the agri-business sale. not loads because they do have this aggressive debt reduction plan but it's a first quarter event from what i'm told. the bigger question is whether they end up having to sell the entire grains business because they're under such pressure to get their debt down dramatically. now you look at cds, credit default swaps and other measures of market sentiment. people seemed to be quite concerned but if you look at the balance sheet, it would appear they have pretty solid financing. they have a bank involving

credit decision of about 15 million. they have undrawn liquidity lines of 14 billion. they have letters of credit to support their trading business. much of which is done in this building behind me so a lot of different elements that would seem to have a relatively stable balance sheet. >> thank you for that great work there. moving on. >> authorities in oregon have identified the gunman in thursday's shooting t a community college as 26-year-old chris harper mercer. nine people were killed and several injured before mercer was killed by police. he demanded victims state their religion. thoughts and prayers aren't enough as the country responds to another mass shooting. >> somehow this has become routine. the reporting is routine. my response here at this podium ends up being routine. we have become numb to this. >> the president is challenging americans wanting to deal with the problem to vote for elected

officials who could do something to change u. s. gun laws. okay. still to come on the show, the vw emissions scandal isn't going anywhere with prosecutors in paris now getting involved. we break down the latest developments, next. can it make a dentist appointment when my teeth are ready? ♪ can it tell the doctor how long you have to wear this thing? ♪ can it tell the flight attendant to please not wake me this time? ♪ the answer is yes, it can. so, the question your customers are really asking is, can your business deliver? and i'm jerry bell the third. i'm like a big bear and he's my little cub. this little guy is non-stop. he's always hanging out with his friends. you've got to be prepared to sit at the edge of your seat and be ready to get up. there's no "deep couch sitting."

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>> welcome back. the look ahead of the u.s. jobs data as equities trade higher. russia carries out more strikes in syria despite criticism that it's miscalculating targets and joaquin ahead of making land fall on the east coast. all right. let's have a look in at what european markets are doing and it's green across the screen. the ftse 100 up over 1% and the same is true for germany, france and italy as well. france leading the pack up 1.4%. it follows a down day for europe yesterday. we opened strongly to kick off october yesterday morning but lost steam throughout the course of the day ending with the stoxx 600 down about 0.14 -- i'm sorry, 0.4%. the european markets as you can see just there up nicely.

france up 1.4%. all right. let's also now have an update on markets in asia. sri. >> we pretty much wrapped up the session this friday. so all eyes really on the non-farm payrolls and what it means for the fed and the implications for the u.s. dollar as well. if this is a constructive figure we could see the dollar rise and could put some pressure on the em currencies and the commodity currencies and risk currencies more broadly. that's a transition mechanism. in terms of trading activity we are on the thin side because remember the chinese markets, mainland equities are closed today and will remain that way until thursday next week. i want to talk about the bank of japan. there's expectations that they could expand the asset purchase program. so some get closer toward the 2% inflation target. however credit suisse expecting status quo and the quarterly

policy review on october 30th is when they may start to expand asset purchases. that seems to be the base case among many investment banks so additional easing. not necessarily forth coming next week but most likely at the end of october. so as i said, the jobs report's next big risk for the markets, the china slow down as well but i wanted to highlight this note from the chief asia economist at deutsche, he said the sell off could well be the first of a three round event. so a stark warning there and let me re-emphasize once again and deutsche are doing that. malaysia in the eye of the storm here. the sovereign's fragility is striking. capital outflows that we have seen, currency pressures and the political situation on top of that. >> all right. thank you for that. quick look at u. s. futures and we're expecting a slightly

higher start to the trading session on this friday. this is after a mixed close yesterday. the s&p taking fair value into account as seen up by roughly 7 points. the dow jones higher by 69 or so and the nasdaq edging up by 25 points or so. we had the disappointing manufacturing data yesterday. the weakest since 2013 but today all eyes are on the non-farm payrolls report. joining us live is the chief economist from wells fargo securities. what exactly are you expecting today? >> well, first of all, i thought it was interesting that president williams set such a low bar at 150,000 for jobs. our expectation is 190,000. that is good enough again given the tendency for august and september to be underreported in the first release. that's probably enough for the fed to be moving ahead in december for the federal funds

rate. >> let's say we get a number that's 180 or let's say we get a number significantly higher than that. 230, 240, 250, you take your pick. do you think that a little bit of a deviation in the number is going to change the fed's thinking in terms of the timing of the first rate hike? jobs isn't the problem. it's the international development that is keeping the fed worried. >> yeah. i think the priorities for the fed though are primarily domestic and i would say anything between 180 and 220,000 is not going to be a large enough deviation to deter the fed. especially given williams comments from raising the federal funds rate in december. yes there is a concern but 25 basis points is probably going to be it. it's going to be more one and done and they will also alter. they're going to lower the plot of future federal funds rate increases for the next six months to a year and that's going to make a bigger difference for the emerging

markets. >> do you think they're looking at other central banks around the world and thinking if europe, japan, possibly china, if they ease themselves we'll have tightening of a sort anyway so maybe let's just wait. let's not hike rates domestically because people abroad are going to do it for us anyway. >> yeah. i think they have been waiting for quite sometime actually. i think you're quite right. ever since june i think the international developments have limited the fed's action but i think at this point in time a small move, 25 basis points is probably going to be more appropriate given the strength of the domestic u.s. economy but as i indicated and i think it's going to be true they're going to have to lower their projections in the future and not create the idea that they'll continue to raise rates throughout 2016 or 2017 at the pace that they have indicated with that dot plot graph. >> okay, john. thanks for now. john is going to stick with us

and we'll have another chat with him shortly. >> jack lew says the government will hit the debt ceiling and be unable to borrow more money around november 5th. the u.s. will likely have less than $30 billion in cash at that point hurting it's ability to pay its obligation. earlier this week outgoing house speaker john boehner raised the possibility of an increase before he leaves office on october 30th. switching gears, the prosecutor office in paris opened a preliminary inquiry into volkswagen for what it calls aggravated deception. one more country to investigate vw. >> i have been following this story quite closely and one thing was that it is clear this is just getting started in many ways. now the paris prosecutors office talking about aggravated deception. that's the key here. they're looking into the issue

of when real road tests don't match laboratory tests. but here they're looking into deliberate like and deliberate deception and that will be the headache volkswagen has to face when it comes to tallying up the financial cost at stake. and the swiss taking another step saying you can no longer register certain diesel powered cars and that will be another burden and we have the u.s. head of volkswagen getting ready to testify next week. and they're starting to put out more comments on how this happened and how far it goes back. we're seeing reports suggesting a decision was made all the way back in 2005 to put this on certain engines. epa will be present as well. and volkswagen will then have to give some answers. >> thank you for joining us. we'll have a quick break here on worldwide exchange. ins and outs of ipos. we get a check on the market and

how it faired in the 3rd quarter. that's coming up.

experian says hackers got access to personal data from about 15 million customers.

let's have a look at price action. we're down about 4.3% for experian in trade in london. >> sprint plans to cut an unspecified number of jobs and $2.5 billion in costs over the next six months. they have frozen external hiring and all expenses must get approval from the finance department. sprint rose more than 1% in after hours yesterday in the u.s. and it's up 1.8% in germany today. >> let's talk ipos. companies with market caps between 2 billion and $10 billion dropped 53%. that's according to new research. joining us live from washington is alex. let me guess, unfavorable market aconditions. >> very much so. there is a lot of volatility. it's driven by a lot of the uncertainty around interest rates, international events and

quarter 4 of 2015 doesn't look much differ. maybe a little more activity but still again a lot of market volatility and uncertainty. >> isn't that a really good screening mechanism for the ipos that still do come to the markets? you would think they are better quality. they actually have a solid business model. >> absolutely. companies that are going public are getting warm receptions in the markets. we're see progress seeds increase from 2014. as a matter of fact companies that go public are seeing almost 45 to 50% more proceeds. so the market is -- the market is receptive. there's not a lot of ipos but the ones that go out seem to be doing very well. >> do you think a big reason is the fact that raising money privately is so attractive at the moment? we've seen extraordinary evaluations there. is that making it much harder

from the perspective of the companies raising money for them to bother going to the public market? >> oh, sure, sure. there is opportunities and there's alternatives in the private market. we're seeing high valuations continue and companies have alternativ alternatives. they could go private equity. they could talk to venture capitalists or strategic investors. there's a lot more opportunities and i think that if companies can create liquidity in the private markets it's a lot more efficient and potentially cheaper than going public. >> is there a bubble in the private market? >> i don't believe so. i think that what we're seeing are very solid companies with strong revenue growth and we're seeing -- we like to think we're seeing companies being valued based on sounder fundamentals

than what we saw 15 years ago. so we're optimistic. >> alex, thank you so much for your time. appreciate it. and still to come on the show, as hurricane joaquin batters the bahamas we go live to the u.s. east coast as preps continue and a look at how the futures are trade ago head of the open on wall street on this non-farm payrolls friday and we're expecting a slightly higher start to the trading session. we'll be back in two.

welcome. you're watching worldwide exchange. >> here are your headlines from around the world. >> don't let the party go on too long warns the fed's jon williams as he says today's jobs data could help tip the balance toward a rate hike at the october meeting. >> thoughts and prayers are not enough. president obama pleads with politicians to tackle america's gun laws after another fatal shooting at a college in oregon. >> somehow this has become routine. the reporting is routine. my response here at this podium ends up being routine.

we have become numb to this. >> experian is hit by a massive data breach that could effect 15 million customers that signed up sending shares lower in london. >> sprint cuts costs according to a memo seen by the wall street journal. >> good morning, everyone. it's 10:30 here in london and 5:30 on the east coast. thank you for joining us on the show. let's have a quick peek at u.s. futures. higher this morning. s&p 500 up. the dow jones around 68. this is after we closed well off the session lows yesterday. the dow at one point was off by 211 point afs that disappointing

ism manufacturing data. the weakest since 2013 but once again we manage to eek out a mixed close. this european markets look look bright. ftse 100 is charging higher along with the xetra dax in germany up by 1.2% as well. the cac 40 up by 1.5% after a fairly choppy week for european markets. >> the national hurricane center says joaquin is moving slowly northwest ward as it slams the bahamas with high winds and heavy rain. jay gray joins us from the east coast of north carolina with an update. >> hey, there, wilf, this is a storm that it doesn't look like is going to make land fall in this area but it's still going to cause major problems here. they have seen rain over the last several days and minimal flooding and now the concern is

that added rain is going to make things worse. they have evacuated some of the o outhi o outlying islands. they expect heavy flooding and heavy rains to continue through the weekend. a lot of people preparing here and putting up boards in case the wind picks up but making sure they have supplies for the next several days. we're talking about water and food and everything you would need for a power outage and in case of flooding. we continue to watch things here. that's the situation live. back to you. >> thank you so much for that. >> all the rain on the u.s. east coast caused a large drain to wash out from under this road in south carolina. a man on location when it happened was swept away and later rescued. the flooding in the upstate has

been deadly. a woman died when her car was overcome by flood water at a separate scene. >> don't let the party go on too long. that's not the message from worldwide exchange. it's a message from san francisco fed president jon williams of the easy policy which central banks are due to start reigning in. speaking in salt lake city williams said policy makers did not need much more data to make a decision and said if today's jobs growth was above 150,000 that would be good. >> still with us is the chief economists at wells fargo securities. we explored the immediate expectations you had for today and what that might mean for a rate hike. let's explore currency markets when we do see the hike. do you think em currencies are looking forward to a hike to get that uncertainty behind them? >> yeah, actually that's a very very good point. that the uncertainty behind us in terms of the fed move. also i would suggest the

uncertainty about what extent the fed will pursue higher interest rates over the next 6 to 9 months and my suspicion is there will be a little bit of relief that the fed is not going to be very aggressive in continuing to increase interest rates so i think the perception in the marketplace will be the move in december it will be more of a one and done kind of process rather than one of continued increases in the federal funds rate. >> all right. you say december. the market says december. john, what could potentially derail that? >> well, certainly i think as we talked about earlier this morning, the real challenge is the global perceptions. to what extent we continue to have more difficulties on the global scene in materials of the economy. the other odd thing that is coming up as you may realize is fiscal policy in the united states. dealing with sort of a debt

ceiling kind of budget problem that's going to come you in the early part of december. you could have a high level of uncertainty in the united states in early december before the fed meeting and that may be some of a surprise derailment to whatever the fed action would be at the time. >> does that also play into why we have seen such volatility in equities continuing from the summer into the autumn? i mean, it seems very consistent this volatility at high levels for such a prolonged period of time. what are the factors causing it? >> well, yeah, i think you're quite right. it is a higher level of volatility on a persistent basis and here i think it's the global uncertainties that are part of the whole thing. a little bit of concern on fiscal policy in the united states and a little bit of concern with respect to what is happening to the slow down in

the u.s. economy and the fed's response to that. there's several factors all working together and each day brings new information in one of these factors. so it's easy to see on a day-to-day basis volatility can remain fairly high. >> thank you for joining us. much appreciated. chief economist at wells fargo securities. now former fed chairman ben bernanke recalls lehman brothers. now his memoir will be published on monday. he describes the event which ignited the worst financial crisis since the great depression as a blur. squawk box has a discussion with him monday morning at 8:00 a.m. eastern time. >> the community of roseburg gathered for a vigil to honor

those killed at the shooting. >> reporter: as the night sky marked the end of this dark day, candle light found it's way to an emotional stewart park. >> i had a moment this afternoon, just got emotional. >> bill johnson is an 80 year veteran of the southern oregon town and he was one of the hundreds that packed this vigil tonight. >> in a town that's this small and this tight knit it's a shot to everyone. >> the city manager asked for prayer. >> please pray for the families who still are unsure where their loved ones are. >> that thought seemed almost too real. >> it was difficult. it was a terrible thing to wake up to. >> she sat in the back of this crowded park knowing if she

hadn't been sick this morning she may not be here tonight. >> the classroom that the shooting occurred was, in fact, my writing class and a young lady that i met there with a very kind heart was one of the victims unfortunately. >> the people of roseburg may be broken right now but a veteran of this town wants you to know something. >> we come together. that's what we do. >> nearly 22,000 call this community home. and it will take all of them to find light in this dark time. >> syrian military sources have told reuters that russia carried out 18 air raids overnight which destroyed an islamic state command center and taken out 12 targets. this as a spokesman says their air strikes are indiscriminate. something that lavrov denies. >> if it looks like a terrorist f it acts like a terrorist, if it fights like aer t terrorist,s

a terrorist, right? i recall saying we were going to fight isil and other terrorist groups. this is the same position which the americans are taking. the representatives of the coalition command have always been saying their targets are isil and other terrorist groups. this is our position as well. we see eye to eye with the coalition on this one. >> iran has sent hundreds of troops to syria to support president assad's regime. the civil war is a proxy for regional troops. >> russian president vladimir putin is meeting with european leaders in paris this morning. russia's air strikes set to dominate talks. coalition partners are likely to raise concern that the involvement in syria is focused on supporting the regime rather

than on defeating islamic state terrorists. >> i'm jus looking at comments. he says oil prices will stay low for quite long and he adds russia needs an alternative source for economic growth. yeah, no kidding. >> no kidding at all. right, still to come here on word wide exchange, are investors ready to hang up on sprint? the struggling u.s. wireless carrier taking steps to cut costs and trim it's work force. all the details on that story coming up in a couple of minutes. (singing) you wouldn't haul a load without checking your clearance. so why would you invest without checking brokercheck? check your broker with brokerc.

shares are down by 4.5%. this is as the world's biggest monitoring firm exposed a huge data breach. it could have exposed personal data of around 15 million people. those people that applied for the service with t-mobile u.s. that's having negative impact on shares today and shares were down after hours yesterday. >> and these seem to continue. we'll switch focus from t-mobile to sprint. it's lonely at the bottom. sprint fell to number 4 among the top u.s. wireless carriers this summer swapping spots with t-mobile. now the company is taking steps to keep costs under control.

let's get all the details. landon has them from cnbc hq. >> sprint will cut an unspecified number of jobs over the next six months. the wall street journal says that the company's new cfo announced an external hiring freeze. they have been under pressure to reign in costs because of concerns it's been trying to get and keep in customers. it's among the major u.s. wireless carriers making the cuts necessary to stay competitive. he has made cost cutting a key priority in his efforts to keep the company around. sprint hasn't posted an annual profit since 2006. shares rose nearly 2% and today they're up about the same amount. micro technologies fell shartly but still beat forecasts for its memory chips.

revenue falling 15% but that was less than expected. the first quarter revenue outlook is below estimates. the company continues to be hurt but they do expect demand to stabilize and improve. shares are up more than 7 period% in europe. they are cutting their price targets on micron today. they're cutting 5% of the global work force amid weak demand for its intense competition. they are outsource certain i.t. and app development services. they'll cut jobs and won't shut or idle any manufacturing facilities. the company will take a $42 million charge. most of which will be recorded in the just ended third quarter. shares rose .5% in after hours but aren't down nearly 2% today in europe. >> thank you very much. let's move on. amazon will stop allowing 3rd party sellers from offering

google and apple streaming devices as it focuses on its own prime instant individual qstrea services. devices sold on its sight should be compatible. apple tv and chromecast will be banned but can still offer other devices which work with amazon prime video. right let's get back to our viewer exchange today. snapchat will launch a new ad format on halloween letting advertisers insert their brands as selfies. the financial times says the popular messaging app will sell sponsored lenses costing $750,000 on peak days or 450,000 for an off peak day. has snapchat cracked the social media advertising conundrum? e-mail us world wide. i think this is a very

interesting perspective because it's bringing advertising in in a way that hopefully consumers will want to take part in it. it's kind of imposing yourself on a film or imposing yourself on a sporting setting where the brand will be hidden in the background and at least -- we don't know if it's going to work yet but that will be trying to get consumers on the app on sides with advertisadvertising. >> i'm skeptical. these are teenagers that are targeted. they hate advertising. they're quite fickle. maybe they play around with the new feature but by and large they want to put their stuff out this and they don't want it muddled by the ads. >> perhaps they hate advertising but this is trying to bring them on sides. picture ourself on a james bond movie where somewhere in the background there will be a logo of sony films or whatever it is.

for example, picture yourself in a cnbc studio environment. >> that would be amazing. >> which i'm sure lots of people would be doing. >> you're not even on snapchat are you? >> no, so this is me using it on twitter. but it's essentially encouraging users to help them advertise. they don't have to use it. but you can choose to use it if you wish to. >> fair point but snapchat they have to do something, they have 100 million daily active users and they can't monetize them at this point. they have to try this avenue and see if it works or not. an interesting area to follow. >> now speaking of snaps head to our website of a great slide show of the 10 biggest architectural fails. >> before we head for a quick break, these are the headlines. stock markets hold the look ahead of the u.s. job days at a

as european equities trade higher. it's miscalculating targets and hurricane joaquin continues to batter the bahamas ahead of making landfall on the east coast. we'll be back in two.

we kicked off october in strong fashion in the morning but by the end of the day the stoxx 600 was down but today we're finishing the week on a positive note. september was a very negative note so unsurprising we got a little bit of positivity here. 1.4% of gains for london and germany. france up more than that. what are we expecting in the u.s.? >> u.s. futures looking perky this morning.

the nasdaq set to add 0.4%. all eyes on the non-farm payrolls report today so what clues will today's payrolls report provide for investors looking for answers from the fed. forecasts suggest 200,000 jobs were added while the unemployment rate will probably remain steady at 5.1%. a lot of people are hoping for signs of a rebound after employment growth in august came in at the slowest rate in five years. >> indeed, let's also dive back in and look at a bit of the adp reports and what we learned from them. they have of course been solid. private employers added 200,000 jobs in september. the strongest reading since june. similarly, the case has been strong throughout the recovery with the services sector leading the way. taking 188,000 more employees. construction hiring has also been the best since february 2006 but the big drag was manufacturing and the sector shedding 15,000 jobs. analysts pointing to the

stronger dollar and weaker international economies for the worst reading since september 2010. let's discuss what to expect from the nfp. ben, great to have you with us. is this number make or break or have we already got enough this year that provided it's not massively bad or massively strong that it won't really change how the fed thinks. >> i don't think for the most part it's a make or break unless some major outlyer comes into play. it's my opinion that the fed is focused on inflationary figures. not so much the jobs data. we've seen an increasingly better employment market. we've been seeing fairly steady right around the 200,000 level and we have seen this unemployment rate steadily declining over the last couple of years, if you will and again

i think that the fed is more focused on inflation as the major concern. we haven't seen a lot of that in terms of the economic data as well but i really focus on price activity and how participants among the market are playing or positioning themselves and in terms of what we've seen as far as that goes while we've seen wide range trades leading into this number no real directional conviction. the s&ps are on this kind of random-type wide range price activity. the price probing process. in between the spike high we saw in reaction to the last fed meeting on the 17th of september. that high came in around 2011 in the s&ps and then the low that we saw among the major sell off and among that major fear related to the china pmi numbers back at the end of august. so we have been stuck between 2011 down to that 1831 level.

>> interesting report out from ubs yesterday saying that q-3 was the bottom for these markets and they look at it too from a technical perspective. do you agree with them? >> i think again as we embark on this fourth quarter there is a lot of optimism. i think that for the most part as we saw even this week we saw an increased higher consumer competence number but i focus on price and if you look at price we've seen value moving lower in the stock market off the 2015 highs so i think you have to factor all of that into play. there doesn't seem to be a lot of fear in the market right now. the selling we saw hasn't continued but there has been a lot of volatility. a lot of wide range activity but that fear tack to diminished a significant amount now. if we visit those lows, that could spark it but at this point very limited in terms of fear. >> thank you so much. that's all we've got time for today. have a lovely weekend.

i'm wilfred frost. >> squawk box u.s. up next.

>> it's friday, october 2nd, 2015 and squawk box begins right now.

other. good morning and welcome to squawk box here on cnbc. i'm becky quick. joe is off today. if you're just waking up let's get you up to speed on the markets this morning. check out what's been happening with the u.s. equity futures. once again green arrows this morning. s&p futures look like they would open up by close to 9 points and the nasdaq by 28 points. today's big market story is the september employment report. forecasters say the economy added 200,000 jobs last month. that is seen holding steady at 5.1%. we'll have more on expectations and what's at stake for the markets in just a moment. a gunman shot and