The U.S. labor market remains strong, but some point to high inflation and credit card debt as indicators of a failing economy.
The U.S. labor market continued its consistent growth in February as 275,000 jobs were added, the Bureau of Labor Statistics said.
The largest job gains were in the health care sector, adding 67,000 jobs. There were also 52,000 new government jobs in February, the majority in the education sector. Although average hourly earnings only went up 5 cents between January and February, a bump in average hours worked meant average weekly earnings increased by over $5 per worker between months. The average weekly wage for U.S. workers is $1,185.75, up from $1,143.68.Average weekly earnings have increased by 3.6% in the last year.
"I think he outlined an optimistic vision for the country," White House communications director Ben Labolt told Scripps News early Friday."We have the strongest economy in the world after the pandemic and after the supply chain crisis. Because of policies that President Biden put into place, 15 million jobs have been created, unemployment has been under 4% for two whole years, the first time in 50 years that's happened.
Sen. Katie Britt pointed to the inflation rate as a reason she says the U.S. economy is failing. Although the inflation rate is far lower now than it was in June 2022, the consumer price index reached a peak of over 9% under President Biden's watch, marking a four-decade high.
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