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HomeBusinessThe US added 311K jobs in February and had the lowest unemployment...

The US added 311K jobs in February and had the lowest unemployment rate in more than 50 years, which is credited to President Joseph Biden

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White House President Joe Biden Facebook

President Joe Biden praised the positive report in comments at the White House on Friday, citing it as proof that his administration’s economic strategy is effective.

A respectable 311,000 jobs were added by American employers in February, which was down from the enormous gain in January but still sufficient to maintain pressure on the Federal Reserve to aggressively raise interest rates to combat inflation.

As more Americans started looking for work, not all of them were successful in finding employment, and the jobless rate increased from a 53-year low of 3.4% to 3.6%.

According to the government report released on Friday, the job market in the country is still essentially strong and there are still a lot of companies looking to fill positions.

This week, Fed Chair Jerome Powell testified before Congress that the Fed would probably accelerate rate increases if indications of a strong economy and consistently high inflation persisted. When there is a strong labor market, businesses frequently increase wages and then pass on the higher labor costs to their customers by raising prices.

White House President Joe Biden Facebook

The significant job increase in February demonstrates that, thus far, hiring is accelerating this year after slowing in late 2022. The average monthly increase in employment from October through December was 284,000. Over the last three months, that figure has increased to 351,000.

Since January 2022, unemployment has been below 4% thanks to our economic strategy, President Biden claimed. “The unemployment percentage was nearly at its lowest point in fifty years last month. This is especially encouraging news because it means that people who had avoided the employment market are now doing so. They are returning to the workforce and leaving the periphery. More people of working age are participating in the labor force than at any point since 2008.”

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