The Bureau of Labor Statistics delivers its latest reading on the U.S. labor market on Friday at 8:30 a.m. ET, (20:30 HK/SG)

Wall Street economists forecast the U.S. economy to added 175,000 non-farm payrolls in March, wage growth of 0.2 / 0.3 percent and a lower unemployment rate, at 3.7 / 3.8 percent.

If the actual result is 175,000 to 180,000, it show a moderating from last year’s average of 220,000. It’s still a good number, but not a 220,00 or 225,000, and that will means employment is cooling like the rest of the economy is cooling off.

Friday’s jobs report literally is one of the most important in a very long time, since economists believe it will not only send an important signal about whether a recession is coming but also what the Fed should do about it.