The September jobs report will be pivotal for markets because it holds implications for future Fed interest rate policies.

Stronger-than-expected job growth could reaffirm the market’s expectation the Fed will slow its future rate cuts to a quarter-point each, following a half-point reduction at its September meeting. Softer growth could do the opposite,

Economists anticipate that nonfarm payrolls likely rose by 150,000 last month, based on the median forecast of estimates in a Bloomberg survey. That would be up from 142,000 in August and the most in four months.

Wall Street is watching the labor market for signs of slower hiring, which could influence the Federal Reserve's next rate decision.

U.S. hiring surged in September, blowing past economist expectations and rebuking concern about weakness in the labor market. The fresh report marks one of the last major pieces of economic data before the presidential election.

The latest U.S. jobs report blew away economic forecasts with 254,000 jobs added in September and slightly higher wages. Kristine Lazar reports for On Your Side.