Here comes the jobs report ...

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

Economists forecast that nonfarm payrolls grew by 160,000 in May - the same pace as April - while the unemployment rate slipped to 4.9% from 5% according to Bloomberg.

The pace of month-on-month job gains has slowed since last October. While this suggests employers are scaling back hiring, it's worth considering that the low unemployment rate means there are fewer workers willing and able to hire.

Additionally, the nearly 40,000 Verizon workers who were on strike during the reference week of the jobs report are expected to drag the headline, although there's no consensus on the extent of the dent.

The labor force participation rate will be closely watched for evidence that Americans are still storming back into the workforce. It fell 0.2 percentage points to 62.8% in April, but is up from the 38-year low of 62.4% reached last September.

Economists will also be watching for more wage growth, which would signal more inflationary pressure. Their median estimate on Bloomberg is for a 0.2% gain month-on-month, and 2.5% year-on-year.

With the Federal Reserve considering an interest-rate hike this summer, the jobs report could show that progress on the full-employment leg of their mandate justifies one.

Refresh this page for complete coverage of the jobs report once its out.