At 8:30 AM ET, we get the July Non-Farm Payrolls report, AKA The Jobs Report.

This is the mother of all economic datapoints, and lately it’s taken on even larger significance, because there is so much interest in when the Fed might start to pull back from its extraordinary monetary measures.

The consensus among economists is that we’ll see 165K new jobs for the month, and that the unemployment rate will fall from 7.6% to 7.5%.

165K new jobs would be slightly below the previous month’s 175K pace.

Since the Fed is of so much interest, the unemployment rate number will be watched closely. 6.5% is the target the Fed would like to see achieved before any talk of a rate hike, so the faster that number drops, the closer the Fed gets to that eventuality.

In pre-market activity, stocks are sharply higher, and the US 10-year yield is at 2.56%.

For a full preview of today’s number, see here.

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