NEW YORK (TheStreet) -- What will Wall Street be watching Friday? First and foremost the May jobs report showing the monthly unemployment situation. The report will be released at 8:30 a.m. ET.

The Labor Department is expected to report an unemployment rate of 5.4%. Economists are forecasting an added 225,000 workers payrolls in May. TheStreet's Jim Cramer, portfolio manager of the Action Alerts PLUS Charitable Trust Portfolio said earlier today he'd be watching because the employment number is the most important figure moving the market.

On Thursday, managing director of the International Monetary Fund, Christine Lagarde said at a news conference in Washington that the economy will be better off with a rate hike in early 2016. Cramer said he agrees with Lagarde's comments from the IMF's annual review of the U.S. economy.

Also Friday, Wal-Mart (WMT) is scheduled to hold its annual shareholders meeting. The world's biggest retailer recently announced its salary hike for 100,000 of its managers. Wal-Mart is also loosening up its controversial dress code, allowing workers to wear black or tan colored jeans as an alternative to its khaki pants policy. The revised dress code will take effect July 1. The company also said workers in more-rigorous jobs including merchandise unloading will be allowed to wear T-shirts and blue jeans.

Aside from jobs, economic data expected Friday include the consumer credit numbers and the Organization of the Petroleum Exporting Countries press conference on oil production quotas. Ministers from the OPEC will meet in Vienna to decide on production policy for the next half of the year. The group is expected maintain its output target of 30 million barrels per day. 

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