US Economy Adds Substantial 311,000 Jobs in February, Signaling Biden’s Agenda is Working

The US economy added a substantial 311,000 jobs in February, according to the latest monthly employment snapshot from the Bureau of Labor Statistics, released Friday. President Joe Biden touted the hotter-than-expected February jobs number as a sign that his agenda is working.

“I’m happy to report that our economy has created over 300,000 new jobs last month,” Biden said in remarks from the Roosevelt Room. The unemployment rate rose to 3.6% from a 53-year low of 3.4%, as more Americans began searching for work and not all of them found jobs.

The February jobs number is a pullback from the blockbuster January jobs report, when a revised 504,000 positions were added, but still shows the labor market is going strong. This has put pressure on the Federal Reserve to raise interest rates aggressively to fight inflation.

Fed Chair Jerome Powell told Congress this week that the Fed would likely ratchet up its rate hikes if signs continued to point to a robust economy and persistently high inflation. He noted that the Fed is monitoring the situation closely and will take appropriate action to ensure that inflation remains in check.

The February jobs report is yet another sign that President Biden’s agenda is having a positive impact on the US economy. With the labor market continuing to show strength, the Fed is likely to continue to take steps to ensure that inflation remains in check.