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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.

In February, the core CPI rose 0.4% from January and 3.8% from a year ago.

If Fed officials pencil in, at their meeting next week, three quarter-point rate reductions for 2024, they will set the stage for a cut in June.

"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."

The value of exports edged up 0.1%, but imports rose 1.1%, led by capital goods and motor vehicles.

"This is yet another attempt to advance an agenda without statutory authority."