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Treasury Secretary Yellen cites 10 million jobs added under the Biden administration

Yahoo Finance Live's Rachelle Akuffo breaks down the figures from the August jobs report in comparison to Janet Yellen's overall jobs data under President Biden's administration.

Video Transcript

[AUDIO LOGO]

RACHELLE AKUFFO: That's right, Dave. And shifting gears now to economic data. Let's get you up to speed on the better-than-expected jobs data. 315,000 nonfarm payroll jobs added in August. And the unemployment rate ticked up to 3.7% from 3.5%. Now, another key measure, labor force participation. That also rose, but just slightly, to 62.4% from 62.1% in July. It's now one percentage point below prepandemic levels.

Meanwhile, Treasury Secretary Janet Yellen saying that this brings the total, since President Biden took office, to nearly 10 million jobs. That's the fastest job growth in our history. So a lot of people probably trying to take credit for this-- for these numbers today. But of course, inflation is still stubbornly high. And when you take a look at wage growth, that came in slower than expected at 0.3% versus the 0.4% that was expected. Now, it's a lot for the Fed and the markets to digest before the Fed's September meeting. So we'll be keeping an eye on that for you.