More than anticipated, the US economy added 275,000 jobs last month.
In an interview with CNN’s Kate Bolduan on Friday, Treasury Secretary Janet Yellen stated that the February employment data shows that the US economy is robust and does not have any alarming implications for inflation.
Yellen stated that there was “really no evidence in this month’s wage data of an acceleration in wage increases that could create inflationary pressures.”
“Americans are getting ahead, they’re getting solid wage increases that exceed inflation, but there is really no evidence of inflationary pressure coming from the labor market,” added Yellen. “The US economy is performing better than any advanced nation around the world.”
The Treasury Secretary also praised President Joe Biden’s efforts to increase affordability in the nation’s challenging real estate market, which is now constrained by high mortgage rates, rising property values, and a persistent shortage of available homes. In order to overcome the housing supply deficit and bring down housing costs, he claims that his plans, which include tax credits and legislation, might lead to the construction and repair of more than 2 million dwellings. Before one of those to take effect, Congress would need to act.
“This is really his top priority; making sure that middle-class families in this country can afford a decent life and get help with major expenses that are a burden,” added Yellen.
According to Biden, “our economy is the envy of the world”
“I took over an economy that was in danger three years ago,” Biden stated in a statement made public on Friday. “Now, our economy is the envy of the world.”
“I’m taking action to continue lowering costs by taking on Big Pharma, getting rid of hidden junk fees, and making housing more affordable.”