WATCH: President Biden praises U.S. jobs data, but seeks ‘stable growth’

President Joe Biden hailed new job numbers Friday, saying the slowdown in job growth shows the United States is transitioning to “more stable growth,” although he warns that there is “still a lot of work” to be done.

Watch Biden’s  in the player above.

America’s employers slowed their hiring in September but still added 263,000 jobs, a solid figure that will likely keep the Federal Reserve on pace to keep raising interest rates aggressively to fight persistently high inflation.

Friday’s government report showed that hiring fell from 315,000 in August to the weakest monthly gain since April 2021. The unemployment rate dropped from 3.7 percent to 3.5 percent, matching a half-century low.

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The Fed is hoping that a slower pace of hiring would eventually mean less pressure on employers to raise pay and pass those costs on to their customers through price increases – a recipe for high inflation. But September’s job growth was likely too robust to satisfy the central bank’s inflation fighters.

The public anxiety that has arisen over high prices and the prospect of a recession is also carrying political consequences as Biden’s Democratic Party struggles to maintain control of Congress in November’s midterm elections.

The president also used his speech at a Volvo manufacturing plant in Maryland to slam Republicans who had voted against his infrastructure plan, declaring it socialism, but are now seeking funds under the bill for their districts.

“I didn’t know that many socialist Republicans,” he told the audience.