Biden hails jobs report, waves off inflation question

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STORY: In remarks at the White House, Biden said inflation continues to come down. He dismissed a question as to whether he was responsible for the high rate of inflation, saying it was high when he took office two years ago.

The U.S. unemployment rate fell to 3.4% from December's 3.5%. Average hourly earnings rose 0.3% after gaining 0.4% in December, bringing the year-on-year increase in wages to 4.4% from 4.8% the month before.

Job growth and wages are the chief concerns for the Federal Reserve in its attempt to lower inflation down to its 2% target rate after inflation surged to 40-year highs in 2022.