Here comes the jobs report ...

Grigory Dukor/Reuters

It's jobs day in America.

It's jobs day in America.

At 8:30 a.m. ET, the Bureau of Labor Statistics will release the August jobs report, and economists forecast it will show that employers added 190,000 nonfarm payrolls last month - an improvement from July.

They forecast that the unemployment rate returned to an 18-year low of 3.8%, according to estimates compiled by Bloomberg.

Several other reports show that many employers are running out of skilled workers to hire. From job openings exceeding the number of positions available, to initial jobless claims at the lowest since 1969, the labor market is still largely in good shape.

Even a measure of unemployment that captures discouraged workers, and those who work part-time but would rather have full-time jobs, is at a 17-year low.

Morgan Stanley's economists are forecasting 194,000 net new jobs, almost in line with the consensus estimate. Their forecast takes into account the fact that consumers are feeling confident in the jobs market, according to the Conference Board's index in August.

But wage growth remains the laggard of this recovery.

Economists forecast that average hourly earnings rose 0.2% month-on-month and 2.7% year-on-year, little-changed from July.

They'd be watching for whether the trade disputes between the US and China are weighing on employers' ability, at least in the affected industries, to hire or pay workers more.

More to come, refresh this page for the latest at 8:30 a.m. ET.