Employers across the U.S. added 311,000 jobs in February, a sign the labor market remains solid even as the Federal Reserve tries to slow economic growth.
The figure, released Friday by the Department of Labor, was higher than economists’ expectations that employers had added about 228,000 jobs last month, according to financial data company FactSet.
That marks a decline from January’s unexpectedly strong hiring, when employers added 517,000 jobs, or more than twice the number that economists had expected.
Even so, the stronger-than-expected job growth underscores the battle ahead for the Fed, which over the past year has sharply raised interest rates in an effort to put the brakes on the economy.
The tight job market and strong hiring may heighten the risk that high inflation could persist, potentially requiring more drastic steps from the Fed.