The February jobs report is expected to show hiring picked up in February, while the unemployment rate held steady. This comes at a crucial moment for markets as stocks have recently been floundering amid fears about economic growth weakening in the US.

Economists expect the latest data will show U.S. employers engaged in a healthy pace of employment last month, though ongoing federal workforce reductions and an uptick in corporate layoffs could signal more sluggish growth ahead.

Markets will get another snapshot into the health of the labor market when the BLS releases its February nonfarm payrolls report Friday.