The effects of bad weather, a stronger dollar, and cheaper oil all might lead to a disappointing jobs number this Friday, analysts suggest. Preliminary data has been fairly cool, increasing the likelihood of a slowdown in hiring. While we have seen a strong dollar and cheap oil for months already, their impact on jobs might carry somewhat of a lag. Furthermore, recent positive momentum in the size of the labor force could also put pressure on the unemployment rate. Altogether, markets might prove most attentive to that last point. If we see strong labor force growth, that might give the Fed some more time before they raise rates. Indeed, slack in general will receive plenty of attention. The picture below demonstrates the remaining gap between unemployment and underemployment, another gauge of the economy’s factor utilization.