Former U.S. Labor Secretary Robert Reich, who served under the Clinton Administration, isn't worried about the number of jobs added to the economy. Instead, he's focused on the quality of jobs.
"Over the last 30 years adjusted for inflation, the median wage has gone almost nowhere. If we are going to see and beginning to see some growth in median wages, that's great, but that's more of a cyclical phenomenon than it is a structural phenomenon."
In February, average hourly earnings rose 2.9% year-over-year. This sparked volatility in the stock market as investors worried wage growth would bring a faster pace of Federal Reserve rate hikes.
Economists expect nonfarm payrolls to rise by 205,000. The February jobs report is released on Friday at 8:30am.
Reich is the author of the new book The Common Good.
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