To say the October payrolls report will be closely watched across the world would be an understatement. It'll be monumental.
After Friday's release, Federal Reserve policy makers will have only one more jobs report in hand—the November data—before their final meeting of the year on Dec. 15-16. That's when they may decide on the first interest-rate hike in almost a decade. A couple soft payrolls performances could prompt the Fed to keep the rate near zero, where it's been since 2008.
“Their case for whether or not to go in December could be made or lost with the October employment report,” said Ryan Sweet, a senior economist at Moody's Analytics Inc.
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