Here comes the jobs report ...

At 8:30 a.m. ET, the Department of Labor will release the September jobs report.

The last time economists were this downbeat on the number of new jobs created was 18 months ago. The consensus forecast, according to Bloomberg, is for nonfarm payrolls growth of 200,000.

The unemployment rate is expected to hold steady at 5.1%, a seven-year low while average hourly earnings are estimated at +0.2% month-on-month. The year-over-year projection, at +2.4%, is the most bullish forecast for wages in this economic cycle.

The slowdown in employment has been quite pronounced in manufacturing, which is experiencing a broad-based downturn.

Economists will also be watching the labor participation rate, which is at the lowest level in nearly 40 years at 62.2%, to see whether some of the market's slack is dissipating, just like Federal Reserve chair Janet Yellen would like to see.

We'll have complete coverage at 8:30 a.m. once the data cross.