Hillary Varsky

Economists are expecting that employers added 60,000 jobs during the month, recouping more than half of the 92,000 that were unexpectedly lost in February, while the unemployment rate is forecast to hold steady at 4.4 percent.

Today's report is especially important.

and will reveal whether February was a temporary stumble tied to volatility in hiring or the first real sign that the labor market is beginning to soften in a more sustained way.

In addition, the data could carry added weight for Fed policy expectations.

Another weak reading may pull rate cut bets forward while a robust figure could reinforce the case for keeping interest rates higher for longer.