The Bureau of Labor Statistics will release its monthly jobs report at 8:30 a.m. ET.
Economists forecast that the US economy added 200,000 nonfarm payrolls in February, according to Bloomberg. Those forecasts were raised on Thursday after a report by the payrolls-processing giant ADP showed that the private sector added 298,000 jobs in February, which were many more than expected.
Economists estimate that the unemployment rate dipped to 4.7% from 4.8% in January.
This jobs report is key for the Federal Reserve and President Donald Trump.
At the Fed’s policy meeting next week, it is likely to raise interest rates for the third time since the recovery. Judging by the estimates for jobs, and other employment data shown in separate surveys during February, this jobs report is expected to give the Fed its final green light.
For Trump, this is the first major economic report that covers a full period with him as president. Although he called the jobs report fake during his campaign and said the unemployment rate was a hoax, he is likely to take the credit for this report if it is strong.
This jobs report could show that the manufacturing sector — one that Trump has promised to revamp — had a strong month, much like ADP’s payrolls data did. However, economists caution that an unusually warm February may have increased demand for workers in some industries including construction, and so any spike would be a seasonal distortion.