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Economics

Biden Touts Job Growth and Nods at U.S. Inflation Struggle

  • February report shows wages flat, trailing price increases
  • Payrolls beat economists’ estimates, most gains since July
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Biden Touts Job Gains, Acknowledges Inflation Pressures
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President Joe Biden said the surprisingly strong February jobs report shows his economic policies are working, though he acknowledged that wage growth isn’t keeping up with extraordinary U.S. inflation.

Non-farm payrolls increased by 678,000 last month, the most since July, data from the Labor Department showed, beating estimates. However, wage growth slowed, signaling that overheated inflation will continue to eat into Americans’ purchasing power.