JUST IN: The U.S. economy added 311,000 jobs in February, exceeding expectations as jobs growth stays hot.
There was some good news on the inflation side, as average hourly earnings rose 4.6% from a year ago, below the estimate for 4.8%. The monthly increase of 0.2% also was below the 0.4% estimate.
Information-related jobs declined 25,000, while transportation and warehousing lost 22,000 jobs for the month. Over the past year, the central bank has raised its benchmark interest rate eight times, taking the federal funds rate to a range of 4.5%-4.75%.
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