Biden hails jobs report, $54M Siemens investment

President Joe Biden hailed the latest jobs report Friday as a sign that America "is coming back stronger as a country and as a people.

The Labor Department report showed businesses stepped up their hiring last month, adding a robust 678,000 jobs in February, and the largest monthly total since July.

The unemployment rate dropped to 3.8%, from 4% in January, extending a sharp decline in joblessness to its lowest level since before the pandemic erupted two years ago.

Joe Biden, U.S. President said "You know, we've been through two of the hardest years this nation has ever faced. The pandemic has been punishing, as many of you know, and some of you may know it from a personal standpoint."

Biden was joined Friday by the CEO of technology company Siemens USA to announce a $54 million investment in producing equipment for the electrical infrastructure. The investment will lead to 300 additional jobs at locations in California and Texas.

The White House previously highlighted plans by Intel to open a $20 billion plant in Ohio and General Motors committing $7 billion to create 4,000 jobs for making electric vehicles in Michigan.

The president also announced details on a final rule tied to his "Made in America" executive order from January of last year. The rule will require that companies providing goods to the federal government have 75% of their product content made domestically to qualify by 2029.