Wall Street watches payrolls, wage growth

U.S. stock futures signaled a higher open on Friday as markets await the monthly U.S. labor market report, which analysts expect will show that around 230,000 jobs were created in November.

The unemployment rate is expected to be unchanged at 5.8 percent, according to Reuters, with nonfarm payrolls set to post their tenth consecutive above a 200,000 reading.

Read MoreWe've got the jobs, but show us the money

But investors expect just a slight change in average hourly wages, rising 2.1 percent year-over-year, compared with 2 percent in October. This figure will be particularly closely eyed as pay growth is a key measure for the Federal Reserve in considering when to raise interest rates.

It comes as the International Labour Organization warned that annual wage growth in developed economies fell to just 0.1 percent in 2012, and 0.2 percent in 2013, and was in danger of dragging economic performance down.

Other data releases due on Friday include the latest trade report, factory orders and consumer credit data, all for October.

On the earnings front, discount retailer Big Lots and the Bank of Nova Scotia are both set to report.

European shares were trading higher on Friday, ahead of U.S. nonfarms, and after comments by European Central Bank (ECB) head Mario Draghi on Thursday.

Read MoreWhat happens when jobs data surprises

The European Central Bank (ECB) opted to keep monetary policy unchanged, prompting a rebound in the euro. Those hoping that Draghi would announce a start to sovereign bond purchases were disappointed, but there were reports later in the day that the bank would launch additional quantitative easing (QE) measures in early 2015.

Closely-watched bond investor, Bill Gross, lambasted central banks around the world for unconventional monetary easing and advised investors to curb risk-taking going into 2015.