Both credit and stock markets fell slightly in advance of the unemployment report for August to be released tomorrow. Earlier, markets rallied a bit as did mortgage backed securities after the European Central Bank unexpectedly cut rates earlier than anticipated and also announced another round of assetservices sector hits levels not seen since 2005 purchases to help keep rates low and stimulate the economy.

As such, the Euro fell to levels not seen since 2013 and money began flowing into U.S. Treasuries before what appears to be a bit of positioning ahead of Friday’s numbers.

On another front, and one that should be kept in mind as non-farm payroll numbers are released, the Institute for Supply Management said our economy’s service sector to its highest levels in nine years. The service sector includes trades such as restaurant and entertainment as well as real estate and investment advice. Essentially any career that provides a service in lieu of manufacturing a product. The ISM services report didn’t break down the number of employees in each individual trade but the lower end of the services sector such as those who work at the movies, serve your table or drinks are also at the lower end of the pay scale and often times the employee is significantly underemployed.

The number of new jobs created for the month of August will be released at the same time the unemployment rate is announced and while the rate has stabilized and new jobs have been reported, many of these new jobs are part time jobs or temporary work while the individual is still searching for full time, full payroll employment. When the jobs report is announced tomorrow, investors will be looking at not just the number of private sector jobs but the nature of those new jobs produced.