Bad news for workers may deliver good news for prices, economists said.
The jobs report released on Friday "will likely be welcomed by Fed officials," Gregory Daco, chief economist at global consulting firm EY, said in a statement.
"Remember, some experts said to get inflation under control, we needed higher unemployment and lower wages," Biden said. "But I've never thought that it was the problem that too many people have a job or that working people are making too much money." The next decision from the Federal Reserve about a possible rate increase will take place in roughly three weeks.
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