Feb. job growth not likely hurt by harsh weather

Was the economy able to keep its job-creation momentum intact in February, a month marred by winter weather and a port worker strike on the West Coast?

Wall Street gets its answer Friday, when the government releases its non-farm payroll report.

The median forecast of economists polled by Action Economics is for 240,000 new jobs, vs. 257,000 jobs created in January. But anything above 200,000 would mark the 12th straight month of 200,000-plus gains.

The unemployment rate is expected to tick down to 5.6%, from 5.7%.

Despite the snow and other factors that could dampen the February job count, there's nothing too dire in the world that suggests the momentum in the employment market has been broken, says Kate Warne, investment strategist at Edward Jones.

The report will "be one more indication that ... the job market is progressing at a faster face," Warne says, adding that Wall Street will "likely look through" a weaker report due to adverse weather. "Investors are looking for confirmation that solid progress continues."

Investors will also look to see if wages are rising, following a 2% year-over-year gain in average hourly wages in January.

A super-strong jobs report, of say 350,000 new jobs, would likely be positive for stocks, as it suggests the economy continues to heal.

But it could also push forward the timing of the Federal Reserve's first rate hike to mid-year, which would likely cause a sell-off in the bond market.