US employers added 528,000 jobs; unemployment falls to 3.5%.
WASHINGTON — Defying anxiety about a possible recession and raging inflation, America’s employers added a stunning 528,000 jobs last month, restoring all the jobs lost in the coronavirus recession. Unemployment fell to 3.5%, lowest since the pandemic struck in early 2020.The red-hot jobs numbers from the Labor Department on Friday arrive amid a growing consensus that the U.S. economy is losing momentum. The U.S.
Biden took credit for the resilient labor market Friday, saying “it’s the result of my economic plan.” And for millions of Americans, it is the fading power of paychecks amid soaring inflation that remains front and center. The jobless rate fell as the number of Americans saying they had jobs rose by 179,000 and the number saying they were unemployed dropped by 242,000. But 61,000 Americans dropped out of the labor force in July, trimming the share of those working or looking for work to 62.1% last month from 62.2% in June.