The U.S. economy is waiting for a number. Not a particularly elegant number, but one that Wall Street treats with ritual gravity: the monthly payrolls report. On Friday morning, it will tell investors how many Americans were hired last month. Ahead of it, other signposts crowd the calendar: the private ADP tally, the weekly jobless claims, each promising a clue to the state of the labor market. These releases matter not only for what they reveal about employment but for how they might shape the Federal Reserve's hand.
