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Friday's jobs data should show strong hiring trend

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Why Wall Street's banging the drum on Friday's jobs report

August's nonfarm payrolls are expected to show a seven month of 200,000 plus hiring, a sign that the labor market is finally on the mend

.Monthly employment reports are always said to be important on Wall Street, but the August report might actually be a big deal—not so much for what it says about the economy but what it might mean for the Federal Reserve.

Economists expect steady job growth—225,000 and a slight drop in the unemployment rate to 6.1 percent, according to Thomson Reuters. Last month, 209,000 jobs were created and the unemployment rate ticked back up to 6.2 percent.

The shocker would be if that unemployment rate fell even lower than 6.1 percent, highlighting an improving labor market while the Fed is still far away from moving to raise rates. The same discussion could be sparked if the 200,000 plus number expected proves to be a much larger number.