On Tap Today: The Employment Report, and It's a Biggie

Headlining today's economic events is the release of the Labor Department's employment report .

The data -- which include nonfarm payrolls, the unemployment rate, the average workweek and average hourly earnings -- are considered the best measure of the overall health of the economy and will set the tone for other indicators that will be released this month. Look for it to weigh heavily in today's trading session. In a separate story, TheStreet.com's Dave Gaffen explores the implications of today's jobs report.

In addition, the Purchasing Managers' Index for May arrives on the Street after the morning bell. The PMI, a survey of approximately 300 purchasing executives nationwide, measures the conditions of the factory sector. A reading above 50 signals expansion; below 50 signals contraction. The reading has not been above 50 since July 2000.

All this and more should make for an interesting day on Wall Street.

Economic Data

(Forecasts are from Reuters. Times are Eastern. For a longer-term economic calendar and more, see TSC's Economic Databank.)

• 8:30 a.m.: Employment Report for May nonfarm payrolls. Source: Labor Department. Forecast: -17,000. Previous: -223,000.

• 8:30 a.m.: Average hourly earnings . Source: Labor Department. Forecast: +0.3%. Previous: +0.4%.

• 8:30 a.m.: Unemployment rate. Source: Labor Department. Forecast: 4.6%. Previous: 4.5%.

• 8:30 a.m.: Augmented employment rate . Source: Labor Department. Forecast: n.a. Previous: 7.4%.

• 8:30 a.m.: Pool of available workers . Source: Labor Department. Forecast: n.a. Previous: 10.77M.

• 9:40 a.m.: Future Inflation Gauge for May. Source: Economic Cycle Research Institute. Forecast: n.a. Previous: 107.4.

• 10 a.m.: Construction spending for April. Source: Census Bureau. Forecast: unchgd. Previous: +1.3%.

• 10 a.m.: Purchasing Managers' Index for May. Source: NAPM. Forecast: 43.5. Previous: 43.2.