Jobs day is always an event of note on Wall Street. Today's better-than-expected numbers are getting even more scrutiny than usual in the lead-up to a crucial meeting for the Federal Reserve.

Fed Chairman Kevin Warsh's decision to ditch forward guidance and ultimately take more cues from the markets has left investors less clear about the path of monetary policy. That means the next couple of weeks of economic data carry even more weight. Next in the spotlight: producer price data and jobless claims next Thursday, followed by consumer-price inflation a week today.

Warsh struck a hawkish tone during his remarks at Jackson Hole a couple weeks back, but Fed governor Christopher Waller said Thursday he would support holding rates steady at the central bank's next meeting if inflation data supports it.

For the Fed, inflation is key, but the reaction to today's jobs report shows that other data points are shaping investors' expectations. They now see a 60% chance that the Fed hikes rates this month, up from 52% before the report's release.