A fresh jobs report to be released on Friday will offer a snapshot of U.S. economic performance over the first full month under President Donald Trump.

Economists expect employers to have hired 170,000 workers in February. That figure would mark a slight uptick from 143,000 jobs added in January, and it would nearly match the average number of jobs added each month last year.

The unemployment rate is expected to hold steady at 4%, a historically low reading.

The data release is set to coincide with a turbulent period for U.S. stocks and trade relations in the aftermath of tariffs issued by the Trump administration earlier this week.

Despite the temporary withdrawal of some tariffs on Thursday, stocks dropped as fallout from the policy continued to roil markets.

The Dow Jones Industrial Average tumbled about 425 points, or 1%, while the S&P 500 fell 1.7%. The tech-heavy Nasdaq sank 2.6%.

The tariffs stand among a flurry of economy-related directives issued since Trump took office, including spending cuts and an assault on diversity, equity and inclusion initiatives.

The Trump administration has also terminated tens of thousands of federal employees, though such cuts are not expected to appear in the February report, in part due to the timing of surveys conducted by officials who collect the data.

Meanwhile, the economy is weathering a bout of resurgent inflation that stretches back to the final months of the Biden administration.

Consumer prices rose 3% in January compared to a year ago, registering a percentage point higher than the Federal Reserve’s target of 2%.

Egg prices, a closely watched symbol of rising costs, soared 53% in January compared to a year ago. BIrd flu has decimated the egg supply, lifting prices higher.

In February, a key gauge of consumer confidence registered its largest monthly drop since August 2021, the nonpartisan Conference Board said last month.

The share of consumers who expect a recession within the next year surged to a nine-month high, the data showed. A growing portion of consumers believe the job market will worsen, the stock market will fall and interest rates will rise, the report added.

Still, some measures of consumer sentiment improved. Consumers’ assessment of current business conditions moved higher, while an uptick in purchasing plans for a home extended a monthslong recovery.

Mortgage rates have dropped for seven consecutive weeks, FreddieMac data showed. The average rate for a 30-year fixed mortgage stands at 6.63%, its lowest level since December.