U.S. job growth blew past expectations and President Biden quickly jumped on the news. 'Put simply, I would argue that the Biden economic plan is working. These critics and cynics are wrong,' the president said.
In a speech from the White House Friday morning, the president called the report "strikingly good news that we just received," claiming his two years in office represent the strongest two years of job growth in history.
"This number jumped off the page when we saw it," Labor Secretary Marty Walsh added during a Yahoo Finance Live appearance Friday morning.While some experts advised caution given that January data can often be unpredictable due to seasonal noise, the news was undoubtedly good for Biden and his fellow Democrats who sought to link the job gains to economic policy from Washington over the last two years.
Also in Friday's report, average hourly wages rose by 0.3% for the month and 4.4% on an annual basis. The labor force participation rate also went up slightly to 62.4%, with many economists calling the development positive. In the report, the unemployment rate for African Americans stood a 5.4% and also showed near-record lows for Asian Americans at 2.8% and Hispanic Americans at 4.5%.
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