Today, Biden did not take any blame for inflation.
HIs exact quote:
Q: Do you take any blame for inflation? Biden: No Q: Why not? Biden: Because it was already here when I got here, man.
He was discussing the recent unemployment rate.
The US unemployment rate has hit 3.4%, its lowest level since 1969.
Average hourly pay rose 4.4% last month from a year earlier, slower than the 4.8% year-over-year increase in December. And from December to January, wages rose 0.3%, below the 0.4% increase the previous month.
“This is a labor market on heat,” said Seema Shah, chief global strategist at Principal Asset Management. It would be difficult, she suggested, “to see the Fed stop raising rates and entertain ideas of rate cuts when there is such explosive economic news coming in.”
January’s job growth far exceeded December’s 260,000 total.
Leisure and hospitality added 128,000 jobs to lead all sectors. Other significant gainers were professional and business services (82,000), government (74,000) and health care (58,000).
Read more: https://unusualwhales.com/news/the-us-unemployment-rate-has-hit-3-4-its-lowest-level-since-1969