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."
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV