The Bureau of Labor Statistics releases the jobs report in the morning of the first Friday of every month. Lately, that report seems to be having an outsized influence on the markets, sending them sharply up or down.

How should retail investors view the jobs report in the context of making investment decisions? Earlier in June, I asked that question of Eddy Elfenbein, who writes about stocks at Crossing Wall Street and was named by CNNMoney as "the best buy-and-hold blogger" on the Web.

Watch our conversation here (run time: 3:28), or read the transcript below: