The strong jobs numbers will intensify the debate over whether the U.S. is in a recession.
A man walks out of a Marc's Store, Friday, Jan. 8, 2021 in Mayfield Heights, Ohio.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.
“Recession – what recession?’’ wrote Brian Coulton, chief economist at Fitch Ratings, wrote after the numbers came out. “The U.S. economy is creating new jobs at an annual rate of 6 million – that’s three times faster than what we normally see historically in a good year. ‘’The Labor Department also revised May and June hiring, saying an extra 28,000 jobs were created in those months. Job growth was especially strong last month in the healthcare industry and at hotels and restaurants.
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.
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U.S. employers added 528,000 jobs; unemployment falls to 3.5%America’s hiring boom continued last month as employers added a surprising 528,000 jobs despite raging inflation and rising anxiety about a recession
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US employers added 528,000 jobs; unemployment falls to 3.5%The American job market has defied raging inflation, rising interest rates, growing recession fears.
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US added surprising 528K jobs in July despite inflation, recession fearsThe American job market has repeatedly defied skeptics this year. Economists had expected only 250,000 new jobs this month.
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U.S. Added 528,000 Jobs in JulyThe U.S. economy added 528,000 jobs in July, defying expectations that cooling consumer spending and rising risks of a recession would slow job growth WSJWhatsNow
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