Even so, Fed officials are looking for more evidence that inflation is sustainably on a downward trend, and in the meantime, they're not rushing to cut interest rates.
After a steep drop in January, today's report points to a consumer who's growing more discerning as the labor market starts to cool, credit access becomes more limited, and higher prices continue to bite.
"The February jobs report doesn't look recessionary. But it does suggest the Fed is getting closer to mission accomplished, calming the hot jobs market that contributed to high inflation."