Updated from Oct. 4 The government's September employment report came in roughly as economists expected, showing a gain of 110,000 nonfarm jobs. The U.S. also revised August's payroll data to show a gain that month of 89,000 jobs, rather than the 4,000-job loss that shocked markets and fed expectations of a Fed rate cut. When the government said last month that the economy lost 4,000 jobs in August, the Federal Reserve heaved a massive sigh of relief. The unexpected contraction gave the Fed cover to cut interest rates at its Sept. 18 meeting. With the report on the September employment situation due Friday morning, there's an assumption in the market that another weak number will mean another cut. But this time around, it's not clear that that's what investors want. A rate cut, in some eyes, would amount to additional dollars dropped from Helicopter Ben. More liquidity in the system would surely be helpful to troubled financial firms that suffered in the summer's credit crunch, such as Bear Stearns ( BSC), Lehman Brothers ( LEH) and Merrill Lynch ( MER). But a weak number would also increase the chances that a recession is ahead -- which would be bearish for stocks that benefit from more business spending, such as technology stocks. Retailers would also fare better if the economy shows clear signs of strength, as they're unlikely to hold up if the consumer further retrenches. Regardless, observers agree that the Fed will be watching the numbers closely. "This is the most important jobs report we've had in some time," says Joe Brusuelas, chief economist at IDEAglobal. "I believe the market will view this report as an event that will get the Fed to move or not," says James Bianco, president of Bianco Research.