Given that this week's ADP employment numbers and the employment component of the ISM Manufacturing numbers both came in much stronger than expected, it's somewhat puzzling that we haven't seen an upward revision for today's NFP release.  Typically, economists and forecasters will make course corrections in their estimates with far less motivation than that.

Nonetheless, today's median forecast remains at 175k.  So, that's the same 175k that existed before we witnessed more justification for a higher forecast, you take my meaning.  Simply put, even if economists haven't officially revised forecasts higher, market participants realize upward revisions were warranted.

That actually works in our favor as it means the NFP number probably has some room to beat the consensus by just a bit without carrying overly negative implications for bond markets.  That said, we also need to keep an eye on wage growth, considering that's a hot topic for inflation (not to mention the fact that the Fed says it's one of several key factors on their radar).

ISM Non-Manufacturing follows at 10am, and shouldn't be ruled out as a significant potential market mover--even in the presence of NFP.  In past instances where these two reports have happened on the same day, traders hold back just a little before going all-in with their NFP-inspired trades.