The U.S. hiring saw a dramatic increase in July, as the economy added 528,000 jobs and the unemployment rate fell to 3.5%.
The report defied expectations of a hiring slowdown as the Federal Reserve carries out a fight against inflation that aims to slash demand by cooling the economy but risks tipping the country into a recession.
The overall robust hiring in recent months defies typical conditions for a recession, Daniel Zhao, a senior economist at the career site Glassdoor, told ABC News prior to the data release. Despite a series of borrowing cost increases meant to slash prices, inflation has not only persisted but worsened. Data released last month showed that prices jumped a staggering 9.1% in June, which amounts to the highest inflation rate in more than four decades.
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US economy adds 528,000 jobs, far outpacing expectationsThe U.S. hiring saw a dramatic increase in July, as the economy added 528,000 jobs and the unemployment rate fell to 3.5%, according to data released by the Bureau of Labor Statistics on Friday.
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Jobs shocker: U.S. adds 528,000 jobs in July and unemployment falls to pre-pandemic levelsThe U.S. added a surprisingly strong 528,000 new jobs in July and the unemployment rate fell to pre-pandemic levels in a muscle-flexing display for the economy, but the robust report could add to inflation worries and push interest rates even higher.
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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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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 employers add 528,000 jobs; unemployment falls to 3.5%Defying anxiety about a possible recession and raging inflation, America’s employers added a surprising 528,000 jobs last month, restoring all the jobs lost in the coronavirus recession as the country’s hiring boom continued.
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