Here comes the jobs report ...
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At 8:30 a.m. ET, the Bureau of Labor Statistics will release data on America's employment situation during October.
Economists forecast another report that's neither super-impressive nor terrible. According to Bloomberg, they estimate that nonfarm payrolls increased by 173,000 last month, and the unemployment rate returned to 4.9%. It rose to 5% last month as more people without work decided to search.
Wage growth is expected to be little changed. Average hourly earnings rose 0.3% month-on-month, economists forecast, and 2.6% year-on-year.
Even if the jobs report comes in line with expectations, both presidential candidates would be able to pick data points that advance their narratives.
Hillary Clinton could point out the number of jobs that have been created during the recovery, and the drop in the unemployment rate back to where it was in 2008. But Donald Trump could note the number of people who still work part-time for economic reasons, sluggish wage growth, or the higher unemployment rates among minority groups.
Where the Federal Reserve is concerned, economists don't expect this report to derail the likelihood of an interest-rate hike at the December meeting. In fact, it could provide some of the "further evidence" the Fed said it's waiting for in its statement earlier this week.
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