The ranges of estimates are important in terms of market reaction because when the actual data deviates from the expectations, it creates a surprise effect. Another important input in market's reaction is the distribution of forecasts.In fact, although we can have a range of estimates, most forecasts might be clustered on the upper bound of the range, so even if the data comes out inside the range of estimates but on the lower bound of the range, it can still create a surprise effect.Non-Farm Payrolls35K to 180K range of estimates60K-100K range most clustered90K consensusUnemployment Rate4.2% (20%)4.1% (70%) - consensus4.0% (10%)Average Hourly Earnings Y/Y3.4% (3%)3.2% (52%) - consensus3.1% (36%)3.0% (9%) Average Hourly Earnings M/M0.4% (2%)0.3% (65%) - consensus0.2% (31%)0.1% (2%)Although the NFP report is generally one of the most market-moving economic releases, the US CPI has been more important because the Fed has been focusing on it. Today's release might be even less important because Fed's Williams and Fed's Jefferson have already poured cold water on expectations of a rate hike in October, so we will likely need a blockbuster report to raise the probabilities again. As expected or weaker than expected data, on the other hand, might not change much in the bigger picture, because the totality of the US jobs data has been strong, but it might further reduce the odds for an October hike in the short-term. This article was written by Giuseppe Dellamotta at investinglive.com.