3 Things to Watch in Friday's August Jobs Report

The August labor report is released on Friday by the Bureau of Labor Statistics. Economists expect nonfarm payrolls to rise by 175,000. The economy created 255,000 jobs in July. 'We're looking for 180,000 jobs created in August,' said Emanuella Enenajor, senior economist, North America at Bank of America Merrill Lynch. 'It would be a bit of a slowdown from the last couple of readings, but it would be more in line with the 6-month trend.' Job creation has been volatile in recent months. Some 292,000 positions were created in June, while only 24,000 were added in May. The August report is the final major data point before the Federal Reserve's all-important September meeting, in which the markets are pricing in a 38 percent chance of a rate hike, according to Bloomberg data. 'There's no magic number and the Fed is looking at a variety of indicators in this report,' Enenajor added. TheStreet's Scott Gamm reports from Wall Street.