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Jobs day is here

Job growth probably slowed in November, but it was not likely to have been sluggish enough to stop the Fed from raising interest rates this month.

Friday's jobs report is one of the most anticipated employment reports of the year — the most important data the Fed will see before it meets Dec. 15 and 16 to consider its first rate hike in nine years.

Economists expect 200,000 nonfarm payrolls and an unchanged unemployment rate of 5 percent, after a surprisingly strong 271,000 new jobs last month. They also expect average hourly wages to rise 0.2 percent, after a surprise jump of 0.4 percent in October.

Besides the jobs number, markets are also watching the oil market after two volatile days. OPEC is meeting in Vienna Friday and while it is not expected to cut production, reports that it might helped drive oil prices higher Thursday and Friday after Wednesday's sharp sell-off. Saudi Arabia's oil minister knocked down the idea of production cuts Friday, while Venezuela warned of $20 oil if the Organization of Petroleum Exporting Countries does not cut back.