With a new jobs report coming out today, economists are looking for evidence to determine if the labor market is turning around.

The U.S. added more jobs than expected in January, though the Bureau of Labor Statistics also significantly revised down 2025’s annual number. Meanwhile, a report from payroll processing firm ADP this week found that private sector employment picked up in February, and layoffs had plunged after the worst January since 2009, Challenger, Gray & Christmas found.

Today’s report is pivotal ahead of the Federal Reserve’s rate-setting meeting later this month, and concerns that the war with Iran could accelerate inflation.

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President Donald Trump has replaced Kristi Noem as Homeland Security secretary after a tumultuous tenure, announcing Senator Markwayne Mullin (R-Okla.) will step into the role at the end of the month. Noem, who has been under increased scrutiny amid recent congressional hearings, will take on a role with the “Shield of the Americas,” Trump’s new security initiative focused on the Western Hemisphere.

Major stock indexes tumbled Thursday as the war with Iran sent oil prices to a nearly two-year high, stoking fears of rising inflation. Federal Reserve Bank of Minneapolis president Neel Kashkari said this week it was likely “too soon” to estimate the economic impact of the Iran conflict, but noted there was uncertainty about monetary policy amid surging energy prices.

MORE: While the overall market doesn’t like geopolitical uncertainty, some sectors stand to benefit from a prolonged conflict. Defense companies that have contracts with the U.S. military—like Lockheed Martin, Raytheon and Palantir—are the most direct beneficiaries,........

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