HERE COMES THE JOBS REPORT...

The BLS will release jobs data for April at 8:30 a.m.

Consensus is for 218,000, up from 192,000 in March. The unemployment rate is expected to tick down to 6.6% from 6.7%. Private payrolls are expected to rise to 215,000 from 192,000.

Most analysts are bullish despite the weak Q1 GDP data we got this week. ADP payrolls came in at 220,000 Wednesday, and that's what Goldman Sachs is projecting. "Payroll gains were just shy of 200k in February and March, and April gains look likely to be stronger," they said in a note this morning. "Most strikingly, the employment components of all ten major business surveys released so far improved in April, in each case to a level consistent with increased employment. In addition, the long-awaited full normalization of weather conditions in April could provide some additional boost."

For the slightly more bearish take, here's Pantheon Macro's Ian Shepherdson, a noted skeptic of ADP's data: "We look for a 200K increase in both private and headline payrolls, the best since November, and we would not be surprised by a stronger performance. At the same time, we think the unemployment rate likely dipped by at least a tenth, and we are intrigued to see if any of the upturn in wage gains in the manufacturing sector is filtering into the broader economy."

Let's see what happens.