WASHINGTON D.C. (WBAP/KLIF News ) – The U.S. Department of Labor’s February Jobs Report showed American employers added 311,000 jobs last month despite the Federal Reserve’s efforts to to slow down the economy and bring down inflation.
That number is higher than economists had expected. The report also shows February’s unemployment rate rose slightly to 3.6% from 3.4% in January.
President Joe Biden addressed the report as a win for his administration.
“Because of our economic plan, unemployment has been below 4% for the last fourteen straight months since January 2022. Last month, the unemployment late remained at the lowest level in 50 years. People who were staying out of the job market…this is particularly good news…they are getting out into the job market. They’re coming off the sidelines,” he said.
Federal Reserve Chair Jerome Powell said he will be taking the February Jobs Report and next week’s inflation data into account when deciding whether to continue raising interest rates at this month’s policy meeting.
Click here to read the full report.
Copyright 2023. WBAP/KLIF News. All Rights Reserved. The Associated Press contributed.
