On Friday morning, the Bureau of Labor Statistics announced 311,000 non-farm payroll jobs were added to the U.S. economy in February, beating expectations and suggesting continued strength in the U.S. labor market.

The unemployment rate also rose more than expected last month, increasing from 3.4% in January to 3.6% in February as labor force participation picked up.

Meanwhile, February's report also showed wage growth moderating, rising 0.2% last month compared to 0.3% in January.

Analysts flooded our inboxes with their takes on the report, with some arguing February's numbers indicate the economy is in for a soft-landing while others contend current job growth increases the odds the Federal Reserve will continue their hawkish campaign.

"The labor market cools from blistering to just plain hot. The moderation in job growth in February confirms that job gains in January were inflated by unusually warm weather and seasonal adjustment quirks." said Ryan Sweet and Nancy Vanden Houten, economists at Oxford Economics.

"However, the pace of job growth is surely still too rapid for the Fed's liking and won't stand in the way of the Fed continuing to push interest rates higher."

Here’s what other Wall Street strategists are telling clients following the report:

Mike Loewengart, Head of Model Portfolio Construction, Morgan Stanley Global Investment Office

"While payrolls remained hot, unemployment ticked up and wage growth was the slowest it has been since before the Fed started hiking rates. The market’s initial positive, although tepid, reaction may be a sign many investors believe the data was not enough to push the Fed to a 50-basis point hike."

Neil Dutta, Head of Economic Research, Renaissance Macro Research

"The labor markets are undeniably strong...Given the participation rate increase and slowing in wage growth (mostly a composition story) I can see why the soft-landing bulls are running with today's report, especially given the set up going in, but let's state the obvious, the Fed's work is not done. Terminal rates are still going up."