Biden expects more modest hiring after 'excellent' jobs report

STORY: But Biden said Americans can tackle the "real" problem of inflation from a position of strength and that they should feel confident about the economy.

U.S. employers hired more workers than expected in May and maintained a fairly strong pace of wage increases, signs of labor market strength that will keep the Federal Reserve on an aggressive monetary policy tightening path to cool demand.

The Labor Department's closely watched employment report on Friday also showed the unemployment rate holding steady at 3.6% for a third straight month, even as more people entered the labor force. It sketched a picture of an economy that continues to expand, although at a moderate pace. The U.S. central bank's interest rate hike campaign and tightening financial conditions have left investors fearful of a recession next year.

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