A blockbuster jobs report Friday triggered a morning stock slump and reignited Wall Street worries that the Federal Reserve will keep rates high to fight against inflation.
But President Joe Biden seized on the report as unabashedly good news for his economic agenda ahead of an expected reeelection bid, hailing data showing the US economy added 517,000 new jobs in January, blowing out estimates. The fresh numbers pushed total job gains under Biden’s term — which began in the depths of the pandemic — to 12 million.
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