The Wall Street Journal has a list of 5 things to look for in Friday’s report

  1. Look at the trend; while the headline number gets all of the attention, it has a large margin of error and is subject to revision, the trend is a better indicator.
  2. Look at the revisions – these can correct some of the wild swings in the past (there’s that margin of error again) but also give clues about coming months (for example, during periods of accelerated hiring initial figures tend to underestimate real growth and suggest better results are in the pipeline (and vice versa).
  3. Whats the Fed going to make of the results? One month’s report isn’t going to alter the path the Fed is on, but watch for the rate of change in jobs growth.
  4. Watch the change in the labour force – a growing labor force (people returning to the job market) could indicate growing confidence.
  5. Watch what sectors are creating jobs, watch hours worked, and changes in earnings.

More detail at the (ungated) article: Five Things to Look for in Friday’s Jobs Report