Economists expect hiring stayed strong in February and that wages grew even faster than they did in January.
The unemployment rate is expected to hold steady at 3.4%. Average hourly earnings are forecast to rise by 0.4%, or 4.8% year-over-year. That is more than January's 0.3% increase, or a 4.4% annualized rate.
Investors are closely watching the employment data since it and the upcoming consumer price index due March 14 are two reports that could influence the Fed's March 22 rate decision. The futures market Thursday was pricing a nearly 70% chance of a 50-basis-point increase. A basis point equals 0.01 of a percentage point.
KPMG chief economist Diane Swonk said she expects to see 210,000 jobs were created in February. "The real issue is what kind of threshold would the Fed need to really stop the rate hiking cycle or stop from going 50 basis points," she said. "You really need to get to below 100,000 to think 25 basis points is okay. They need to see signs of a major chill."
The Fed has tried to cool the economy but employers still struggle to find workers in a tight labor market, which has helped force up wages.
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