Nonfarm payrolls ahead, U.S. futures muted - what's moving markets

investing.com:

Investing.com — Markets are focusing in on the impending publication of the November U.S. nonfarm payroll report, a highly-anticipated data point that may shed more light on the state of the American labor market and serve as a signpost for the Federal Reserve's future policy choices. Elsewhere, Apple (NASDAQ:AAPL) and its suppliers are reportedly aiming to move a quarter of global iPhone production to India, as the tech giant looks to reduce its reliance on China during a time of strained relations between the U.S. and Beijing.

1. November nonfarm payrolls ahead

The spotlight on Friday is squarely on the latest U.S. employment report, with investors hoping that the data will provide some clues into the Federal Reserve's upcoming monetary policy decisions.

Economists estimate that the U.S. added 180,000 roles in November, increasing slightly from 150,000 in the prior month. Average hourly earnings, a key gauge of wage growth, are seen rising at a monthly pace of 0.3% versus October, accelerating marginally from a previous reading of 0.2%. The unemployment rate in the world's largest economy, meanwhile, is expected to come in at 3.9%, matching October's level.

The figures will cap off a week of data releases which have indicated that an unprecedented series of interest rate hikes by the Fed may be working to soften labor demand. Job openings touched an over 2-1/2-year low and fewer workers resigned from their positions in October, while private employers added less roles than anticipated last month.

Cooling the labor market has been a major focus of the Fed's move to lift borrowing costs to their highest mark in more than two decades. In theory, a slowdown in demand for workers could alleviate some upward pressure on