Traders are laser-focused on November's jobs data, slated for release this Friday, as one of the last pivotal data points - along with next week's inflation report - that could shape the Federal Reserve's decision on a potential rate cut at its Dec. 18 meeting.

With market odds sitting at about a 70% chance for a 25-basis-point reduction, the stakes are high.

Here's what the numbers need to show to lock in the move.

Nonfarm Payrolls Expected To Rebound Sharply From October Disruptions

After October's disappointing gain of just 12,000 jobs - a number heavily skewed by hurricanes and strikes - economists expect November will reflect stronger job growth as the effects of weather and strikes fade.

Consensus estimates peg November's nonfarm payroll growth at 200,000, according to TradingEconomics.

Earlier this week, Federal Reserve Governor Adriana Kugler indicated October's disruptions may have caused 100,000 to 120,000 jobs to go unaccounted for, which could now materialize in November.

Private payrolls data, however, painted a slightly murkier picture. The ADP National Employment Report for November - which uses private payrolls data from about 25 million employees - showed that U.S. businesses added 146,000 jobs, down from 184,000 in October and slightly below expectations of 150,000.

Economists expect the unemployment rate to t...