The August non-farm payrolls report released tonight may be one of the most important US non-farm reports in many years.

This report will not only "finalize" the Federal Reserve's September interest rate decision, but also provide key clues as to whether the world's largest economy is entering a recession.

At 20:30, the US Bureau of Labor Statistics will release the August non-farm report. According to the consensus expectations of economists surveyed by Bloomberg: the number of new non-farm payrolls in August is expected to reach 165,000, a sharp rebound from 114,000 in July; the unemployment rate fell from 4.3% to 4.2%, the first decline since March this year; the year-on-year increase in hourly wages rose from 3.6% to 3.7%.

Wall Street expects a 25 basis point rate cut in September if the August non-farm payrolls data is strong, but the rate cut may be 50 basis points if the data is weak or the unemployment rate soars.

In addition, if the unemployment rate in August continues the upward trend in July, analysts may become increasingly worried that the United States may be in the early stages of a recession or on the verge of a recession. But if the unemployment rate falls or remains stable as Wall Street predicts, the weak July nonfarm payrolls could be seen as a false alarm.