U.S. Labor Secretary Marty Walsh said that increased domestic drilling amid the Russian invasion of Ukraine has never been on table.
According to a Labor Department report released last month, U.S. price increases were widespread: Although energy prices rose just 0.9% in January from the previous month, they're still up 27% from last year. Gasoline, on average, costs 40% more than it did last year.
The jobs report released on Friday revealed a surprising gain of 678,000 positions blowing past the 400,000 estimates. "Job growth was widespread, led by gains in leisure and hospitality, professional and business services, health care, and construction" as noted by the Bureau of Labor Statistics. The Unemployment rate fell to 3.8%, the lowest number since the coronavirus hit the U.S. and down from 4.0% in January.Walsh acknowledged on Friday that wage increases not meeting soaring inflation is a "problem."
He went on to argue that surging inflation is a result of "living in a global pandemic," supply chains and manufacturing disruptions, which has led to "the lack of getting goods and services to our country." FOX Business’ Megan Henney, Breck Dumas, Tyler Olson and Edward Lawrence contributed to this report.
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