A Roadmap to the Fed's Thinking on the Jobs Report A Roadmap to the Fed's Thinking on the Jobs Report has been drawn out by WSJ Fedwatcher Hilsenrath in a timely Grand Central blog update ahead of the payrolls report. With three reports left ahead of the June meeting the Fed will want to see continued growth above 200k; below which could sow doubts about the recovery and closer to the 293k 6-month average would increase their confidence. Movement in the jobless rate into the 5.0-5.2% zone would put the economy on a footing closer to full employment and increase odds of a June hike. An average hourly earnings pick-up over 2% would increase odds of a hike, while a dip below would reduce them. As Jon says, "Fed officials pay attention to lots of other indicators in the report, including labor force participation and broader measures of unemployment which account for part-time workers. But payrolls, the jobless rate and hourly earnings can give you a quick read of how the Fed will digest the numbers."