Here comes the jobs report ...

REUTERS/Jonathan Alcorn

A man dressed as an astronaut holds a floral American flag in the 125th Rose Parade in Pasadena, California January 1, 2014. The 2014 Rose Parade, themed "Dreams Come True", features florally decorated floats, marching bands, and equestrian units on a five and a half mile parade route through Pasadena.

Happy jobs day!

At 8:30 a.m. ET, the Bureau of Labor Statistics will release the jobs report for April.

The economists polled by Bloomberg expect it to look good: 193,000 nonfarm payrolls added (an increase from March), a new 17-year low of 4% for the unemployment rate (its first drop in six months), and average hourly earnings growth of 2.7% year-on-year.

Wage growth has been the story of the jobs report for some time, especially as the unemployment rate has continued to fall to new lows, suggesting that slack in the labor market is also shrinking. But we learned last month that job growth in the first quarter was stronger than the same period a year ago - a sign that there were still many working-age people on the sidelines of the jobs market.

Apart from the benefits for workers that higher pay brings, it could also lift the overall level of inflation, and keep the Federal Reserve on track to continue raising interest rates.

Last month, hiring was strong in manufacturing, healthcare and mining. Economists forecast that manufacturing payrolls increased by 20,000, down by 2,000 from March; the sector, and business confidence, have experienced a resurgence since the election, although some surveys show that business owners are now worried about the impact of tariffs.

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