Here comes the jobs report ...

At 8:30 a.m. ET, we'll get full details of how the US labor market shaped up during April.

Economists forecast that nonfarm payrolls grew by 200,000, according to the consensus on Bloomberg. That would be down from 215,000 in the prior month.

Sam Bullard, senior economist at Wells Fargo, wrote to clients that Friday's print should be a reliable gauge of the recent trend in hiring. That's because revisions for April jobs growth is usually small. Since 2003, the revision between the first and third print has been less than 1,000 on average, he said.

The unemployment rate is expected to drop to 4.9% from 5%. As the economy approaches full employment -meaning pretty much everyone willing to work and looking for a job has one - the unemployment rate is not expected to plunge that much further from its current level, which is near an eight-year low.

We'll also be closely watching wage growth. Economists expect a year-on-year gain to 2.4%, up from 2.3% in March, and 0.3% month-on-month.

Deutsche Bank's Torsten Sløk noted that because April 15 - payday for those on a bi-weekly schedule - fell early in the survey week for the jobs report, it's likely to cause an upward bias in earnings.

The labor-force participation rate is expected to hold steady at 63%. It's suddenly risen since the end of last year as a near-record number of job openings made employment more attractive for those on the sidelines.

We'll have wall-to-wall coverage of the report and the market reaction, so refresh this page for updates.

Happy jobs day!