1. What should we expect from tomorrow’s jobs report?
• BofA is calling for just 35k in job gains.

• Goldman Sachs and Wells Fargo are both forecasting 45k.

• Nomura’s forecast is materially higher at 85k.

2. Meanwhile, Today’s initial jobless claims were stable at 213k for the week ended February 28, slightly below consensus and near the lowest levels of the past year, signaling a stable labor market.

• Continuing claims rose more than expected to 1.87 million, pointing to a slower hiring rate.

3. Q4 nonfarm productivity rose 2.8% annualized, above expectations and capping a year of strong efficiency gains.

• Unit labor costs (compensation divided by output) also rose more than expected.

4. Announced job cuts by US-based employers fell sharply in February after a surge in January.

• Revelio Labs’s US nonfarm employment fell by 16.6k in February, with a contraction in private employment more than offsetting a small gain in government jobs.

– Here’s a look at monthly changes in employment by sector.