Wall Street is watching the labor market for signs of slower hiring, which could influence the Federal Reserve's next rate decision.

Here is what you need to know ahead of this morning's monthly payrolls report: Economists polled by The Wall Street Journal expect 150,000 new jobs were created last month, up from 142,000 in August.

September's jobs picture is expected to look a lot like August's — a gradual slowdown in hiring and a modest increase in wages. Markets will be watching the report closely for indications as to whether the Fed will be able to loosen policy and lower interest rates in a gradual manner.

The September jobs report showed a 254,000 monthly job gain, blowing all estimates out of the water. Read more here.

The September jobs report was stronger than expected and is likely to assuage recession fears, driving up hopes for soft landing or no landing economic scenarios.

The U.S. economy created a robust 254,000 new jobs in September, indicating the labor market is still in pretty good shape and likely supporting a gradualist strategy by the Federal Reserve in cutting interest rates.

Continuing job claims may not be a good indicator for the unemployment rate. Read what one unnoticed factor could push the unemployment rate higher.

The September jobs report will be pivotal for markets because it holds implications for future Fed interest rate policies.

Stronger-than-expected job growth could reaffirm the market’s expectation the Fed will slow its future rate cuts to a quarter-point each, following a half-point reduction at its September meeting. Softer growth could do the opposite,

Economists should “take the longer view” on continued economic and inflationary recovery, even as September returned a stronger than expected jobs report, said Chicago Federal Reserve President Austan Goolsbee.