UPDATE | Solid US jobs report shows 295K positions added

WASHINGTON (AP) — A burst of hiring in February underscored the resilience and confidence of U.S. businesses, which are adding workers at the fastest pace in 17 years. Yet the strong job gains did little to raise wages last month.

U.S. employers added 295,000 jobs, the 12th straight monthly gain above 200,000, the government said today. And the unemployment rate fell to 5.5 percent from 5.7 percent. But the rate declined mainly because some people out of work stopped looking for jobs and were no longer counted as unemployed.

The average hourly wage rose just 3 cents to $24.78 an hour. Average hourly pay has now risen just 2 percent over the past 12 months, barely ahead of inflation.

Still, over that time, 3.3 million more Americans have gotten jobs. More jobs and lower gas prices have led many consumers to step up spending. That's boosting the economy, offsetting sluggish growth overseas and giving employers the confidence to hire.

Most analysts have forecast the economy will grow about 3 percent this year, supporting about 250,000 job gains a month. Those increases should raise pay this year, they say.