The data leading up to Friday's report has been mixed. Economists said Wednesday's ADP employment report, which showed an increase of 10,000 jobs, could provide some upside risk to the consensus of a decline of 78,000 jobs. The unemployment rate is also expected to rise to 5.2% following March's reading of 5.1%.

On the other side of the scale, the upward trend in U.S. weekly jobless claims, which rose to 380,000 in the week ending April 26, have some economists expecting a bigger loss in payrolls.

Scott Brown, chief economist from Raymond James, said he is forecasting a decline of 80,000 jobs. He added the "bar has not been set high" for Friday's report.

"The consumer confidence report showed a deterioration in perceptions of job availability," he said. "I suspect that the labour market may remain weak for some time, even as the economy begins to recover."

Markets will also receive U.S. factory orders for March, which are expected to rise 0.2% following February's decline of 1.3%.

All times in EDT.

8:30 CA Federal Industry Department Bankruptcies Report

8:30 US Change in Nonfarm Payrolls April Exp: -75k Prior: -80k

8:30 US Unemployment Rate April Exp: 5.2% Prior: 5.1%

8:30 US Change in Manufacturing Payrolls April Exp: -35K Prior: -48K

8:30 US Average Hourly Earnings (M/M) April Exp: +0.3% Prior: +0.3%

8:30 US Average Hourly Earnings (Y/Y) April Exp: +3.6% Prior: +3.6%

8:30 US Average Weekly Hours Exp: 33.7 Prior: 33.8

10:00 US Factory Orders March Exp: +0.2% Prior: -1.3%

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