Live blog: Analysis of the jobs report
7:18 a.m. ET
Ahead of the big jobs report, the 10-year Treasury yield was below 3 percent as of this posting Friday, after eclipsing that key psychological level Thursday for the first time since the summer of 2011.
(Read More: Stand back Fed! Let bond yields rise: Pro)
7:16 a.m. ET
"If you can get a 120,000 to 130,000 number does that mean [Fed] taper is cooked in for September? It may be. And if so, how much and what does it mean for the 10-year [Treasury]?" Kevin Giddis, president of fixed income capital markets at Raymond James, asked in a "Squawk Box" interview.
"My year-end forecast was pushing 3 percent, so it's way ahead of where I thought. But I'm just not sure it's worth as much as the market is giving it."
Giddis added, "Anything north of 200,000, sure put it [the taper] in, maybe make it $25 billion [a month]. But I'm not sure the economy is so strong at this point."
7:03 a.m. ET
One of our viewers tweeted his prediction for the jobs number:
6:50 a.m. ET
Beth Ann Bovino, chief U.S. economist at Standard & Poor's, said, "I do think jobs are coming in. However, I don't expect it to happen so soon. I'm looking for 165,000."
Anthony Chan, chief economist at Chase Private Client, told CNBC he's more optimistic. "I'm looking for 190,000. There's a lot of things out there that are suggesting a strong number."
Chan said he believes the Fed will taper this month to the tune of "$10 billion to $15 billion," unless the employment report comes with job growth under 100,000.
6:25 a.m., Friday
"There's a lot riding on this." That's how investor Dennis Gartman described the importance of Friday's jobs report.
The Gartman Letter founder and publisher told CNBC's "Squawk Box" nonfarm payrolls under 200,000 would signal that the Fed would wait to taper. "I'll think they'll sigh and say, 'Isn't the interesting, we'll wait,' " he said. "[But] if it's 200,000 or above, [it's] a whole different story."
But in his heart-of-hearts, Gartman said, "Will it be September? I doubt it. I really don't think they're going to do it this time."
6:54 p.m. ET, Thursday
CNBC market guru Patti Domm put out a great preview of what the employment report could mean for Fed tapering. Here's the key takeaway:
"Wall Street is braced for the Federal Reserve to start tapering back its bond-buying program in September, if job growth in August is anything like it was in July."
Job growth in July was 162,000.