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At 8:30 a.m. ET, the Bureau of Labor Statistics will publish America's employment situation during July.
After two huge swings - down in May, then up in June - economists forecast that the July jobs report will show that the pace of job creation moved back towards trend.
They are looking for 170,000 nonfarm payrolls, according to Bloomberg, and a dip in the unemployment rate to 4.8%.
Average hourly earnings are forecast to have increased by 0.2% month-on-month, and 2.6% year-on-year, the highest since the Great Recession.
The labor force participation rate will again be closely watched to gauge whether or not a record number of job openings is drawing people into the labor force. The rate has steadily declined in recent years, partly because of retirements.
But at the same time, there are fewer people outside the labor market finding jobs - suggesting that the economy is near or at full employment.
Virtually no one is expecting the Federal Reserve to raise interest rates at its September meeting. And so, a strong jobs report is not likely to drastically change the Fed's outlook, although it could make them more resolute to move in December, which is when markets think there's a stronger chance.