Tomorrow's Headliners: Jobs

On Friday, it's all about the jobs.

At 8:30 a.m. EST, the Labor Department will release its monthly employment report, always one of the most important economic indicators Wall Street sees, and the outcome will likely be the determining factor for how the market closes the session.

This time, the report is coming just four days before the Federal Reserve will meet for the last time this year and decide whether it wants to again cut interest rates or hold its ground. What it reveals could play a key role for a Fed that appears to be split.

Analysts estimate around 70,000 jobs were added to the economy in November, but expectations grew that the headline number might be stronger than that after the robust ADP payrolls report on Wednesday. The unemployment rate is expected to rise to 4.8% from 4.7% in October.

While it's far and away the headliner of the day, the jobs report will be joined later in the morning by another data point, the consumer sentiment index from the University of Michigan.

As for earnings, apparel marketer Kellwood (KWD Quote) is the only name of note on the schedule.

On TheStreet.com, Nicholas Yulico will explain what's been holding back casino operator Melco (MPEL Quote), and Daniel Del'Re will tell you whether the run is over for Hewitt Associates (HEW Quote).

Also, check in early as Marek Fuchs offers a humorous take on the past few days with the "Five Dumbest Things on Wall Street This Week."