For Black men age 20 and older, the unemployment rate notably declined to 5.5% in February from 6.9% in January.

U.S. job growth picked up in February and the unemployment rate edged up to 4.1%, but growing uncertainty over trade policy and deep federal government spending cuts could erode the labor market's resilience in the months ahead.

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.