Updated with recent February estimates and news of the House jobs bill passage.
NEW YORK ( TheStreet) -- The larger meaning of Friday's government jobs report may be buried under a few feet of snow.
The monthly nonfarm payrolls report, scheduled for release by the Labor Department at 8:30 a.m. EST, is known to set the economic tone for any given month. But economists and equity strategists are bewildered about what to expect in February, when several major snow storms disrupted business as usual across much of the country, potentially hampering data results.
"I'd be concerned that there might be some premature extrapolation of that data in the sense it may show the jobs picture is necessarily worse than it actually is," said Art Hogan, chief market strategist at Jefferies, who's firm is expecting to see a loss of 122,000 jobs. "I think what you need to do is step back and say what was the revision in January and what may March look like, because I think this number is probably going to look worse than it should."
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