The US labor market remains stable as the market eagerly awaits Friday's nonfarm payroll data.

March 5 — U.S. initial jobless claims totaled 213,000 for the week ended Feb. 28, per Labor Department data released Tuesday. The figure topped the prior week’s 212,000 but fell short of economists’ 215,000 forecast, signaling the labor market remains in a low-layoff environment. The data shows initial claims have rebounded to near last year’s lows after holiday and winter weather disruptions. Meanwhile, continuing jobless claims climbed to 1.87 million—marking the biggest jump so far this year. The Federal Reserve’s Beige Book noted employment levels stayed generally stable, with hiring activity largely unchanged in seven of the 12 Fed districts. Some businesses cited higher non-labor costs, soft demand, and economic uncertainty as constraints on hiring. Markets are now awaiting Friday’s nonfarm payrolls report. A broad consensus expects February job gains will slow following January’s strong reading, while the unemployment rate is seen holding steady.