The U.S. experienced record job growth over the month of March, adding 431,000 jobs to the workforce, U.S. President Joe Biden said on Friday (April 1).
The president acknowledged the strong U.S. jobs report would likely be overshadowed by rising inflation in part caused by Russia’s war in Ukraine.
“Even though we created a record number of jobs…we need to do more to get prices under control,” Biden said.
U.S.-allied countries on Friday agreed to their second coordinated oil release in a month to calm markets roiled by Russia’s invasion of Ukraine, Japan’s industry ministry said, a day after Washington pledged its biggest oil release ever.
To fill a shortfall caused by sanctions and buyer aversion to Russian oil, Biden on Thursday (March 31) authorized a release from the U.S. Strategic Petroleum Reserve of 1 million barrels per day of crude for six months starting in May, the equivalent of a total of 180 million barrels.
(Production: Deborah Gembara)