Here comes the jobs report ...

The October jobs report is set for release at 8:30 a.m. ET, and economists expect it to be huge.

But that's because the number of nonfarm payrolls should rebound strongly after a steep decline in September that was caused largely by the hurricanes.

According to Bloomberg, the median forecast among economists is for a payrolls increase of 313,000 after an initially reported drop of 33,000 in September.

State-level data for September showed that Florida's jobs market was impacted the most by hurricanes, as payrolls declined 127,000. It's not certain that all those jobs were regained by the reference week for the October jobs report, which included the 12th day of the month.

The unemployment rate fell to 4.2%, its lowest since February 2001. The Bureau of Labor Statistics said the hurricanes had "no discernible effect" on this rate.

Wage growth jumped last month, but was skewed by the fact that many low-wage employees stayed away from work after the hurricanes. Average hourly earnings are expected to moderate to a 0.2% month-on-month growth pace from 0.5% in September, and 2.7% year-on-year.

More to come, refresh this page for updates.