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Stock market news today: Stock futures waver ahead of crucial jobs report

Dani Romero · Reporter
Fri, March 10, 2023 at 7:38 AM EST

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January’s job report blew past expectations, as the U.S. economy added more than half a million jobs and the unemployment rate dipped to 3.4%, a level not seen since 1969.

But economists aren’t expecting another surprise for Friday’s February jobs print. Consensus estimates from economists are for job gains of 225,000, a slower pace from the January’s blowout number. The unemployment rate is expected to hold steady at 3.4%.

“Signs of slowing outnumber signs of strength, making the chance that last month was a fluke likely,” Brad McMillan, Chief Investment Officer for Commonwealth Financial Network, wrote in a note Friday morning. “At the same time, labor demand continues strong, which suggests a significant drop is also unlikely. A return to the previous trend makes the most sense.”

The Federal Reserve has been keeping a close eye on all fronts to the labor market as the central bank tries to cool down inflation. The Friday’s jobs print will show whether January’s hiring gain was an outlier or the start of economic acceleration. Another key point of focus will be wage growth — and whether or not the trend accelerated last month.
Here's what's moving markets on Friday, March 10, 2023.

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