Debt default worries 'biggest threat'…: President Biden on US economic recovery
1 min read . Updated: 10 Mar 2023, 10:20 PM IST
Premium- President Joe Biden said, the US jobs data shows economy ‘moving in the right direction’
With United States adding over 3 lakh jobs in February, President Joe Biden said that the ‘jobs data shows economy 'moving in the right direction’. However, he cautioned that debt default worries still remain the 'biggest threat' for the economic recovery.
"Our economy is moving in the right direction," Biden said at the White House, highlighting that he was confident about reducing persistently high inflation. However, he warned that a dispute over raising the US debt ceiling poses "the biggest threat" to the economy.
According to US govt data released on Friday, US job gains eased less than expected in February, with the economy adding 311,000 jobs. However, the unemployment rate ticked up slightly to 3.6%, and average hourly earnings increased by 0.2% to $33.09.
Notable job gains were seen in leisure and hospitality, retail trade, government, and health care, while employment declined in information and transportation and warehousing. The number of unemployed persons increased to 5.9 million, and the number of persons employed part-time for economic reasons remained unchanged at 4.1 million.
These numbers come shortly after Federal Reserve Chair Jerome Powell warned that the US central bank is prepared to speed up the pace of its interest rate hikes to rein in inflation. The Fed has been closely monitoring the job market.
(With inputs from agencies)