To say the October payrolls report will be closely watchedacross the world would be an understatement. It'll bemonumental.

After Friday's release, Federal Reserve policy makers will haveonly one more jobs report in hand—the November data—before theirfinal meeting of the year on Dec. 15-16. That's when they maydecide on the first interest-rate hike in almost a decade. Acouple soft payrolls performances could prompt the Fed to keep therate near zero, where it's been since 2008.

“Their case for whether or not to go in December could be madeor lost with the October employment report,” said Ryan Sweet, asenior economist at Moody's Analytics Inc.

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