US job growth beats expectations in February; wages rise moderately

The US economy added jobs at a solid clip in February, likely ensuring that the Federal Reserve will raise interest rates for longer, though wage inflation showed signs of cooling.

Nonfarm payrolls increased by 311,000 jobs last month, the Labor Department's closely watched employment report showed on Friday. Data for January was revised lower to show 504,000 jobs added instead of the previously reported 517,000.

Economists polled by Reuters had forecast job growth of 205,000. They say the economy needs to create 100,000 jobs per month to keep up with growth in the working-age population.

Estimates for February payrolls ranged