The state of the U.S. labor market heading into March jobs report

The Friday non-farm payroll (NFP) report is going to be huge as it might show that the strong U.S. labor market could finally be cracking.

So, heading into the March jobs numbers, this is what we have seen this week:

• ISM Manufacturing Employment: 46.9, down from 49.1
• JOLTs Job Openings: 9.931, down from 10.563 million
• JOLTs Job Quits: 4.024 million, up from 3.878 million
• ADP Employment Change: 145,000, down from 261,000
• ISM Non-Manufacturing Employment: 51.3, down from 54.
• Challenger Job Cuts: 89,703, up from 77,770
• Initial Jobless Claims: 228,000, down from 246,000
• Continuing Jobless Claims: 1.823 million, up from 1.817 million

Should be one of the most job reports of the year so far!

Then again, perhaps the March NFP will surprise everyone (again) and show 500,000 new jobs were created…