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[video] Quick Take: Awaiting Tuesday's Jobs Report

NEW YORK (TheStreet) -- Equities continued to rally on Friday thanks to the temporary end of the debt ceiling crisis and impressive earnings results.

The government shutdown delayed the nonfarm payrolls report for the month of September but now it will be released Tuesday. Peter Cardillo, chief market economist at Rockwell Global Capital, told TheStreet's Debra Borchardt that his estimates have not changed.

He still expects to see 166,000 jobs added to the economy and the unemployment rate holding steady at 7.3%. Cardillo said the negative effects of the government shutdown won't show up in the September report but will, most likely, in the October report.

While he doesn't expect the jobs report to move the markets, Cardillo did caution investors to examine the participation rate, or the number of people who are either employed or are actively looking for work. Although the labor market has been improving, it's not to the point where the Federal Reserve can begin tapering its stimulus program, he said.

Cardillo said that while the odds are unlikely, the Fed could start tapering as early as December. However, he said it seems more likely it will happen in the second half of 2014.

Despite the continued stimulus, he concluded that the U.S. dollar is unlikely to collapse although it could go lower.

-- Written by Bret Kenwell in Petoskey, Mich.