September's jobs picture is expected to look a lot like August's — a gradual slowdown in hiring and a modest increase in wages. Markets will be watching the report closely for indications as to whether the Fed will be able to loosen policy and lower interest rates in a gradual manner.

Here is what you need to know ahead of this morning's monthly payrolls report: Economists polled by The Wall Street Journal expect 150,000 new jobs were created last month, up from 142,000 in August.

The September jobs report was stronger than expected and is likely to assuage recession fears, driving up hopes for soft landing or no landing economic scenarios.