Fewer Americans got jobs in July than expected. But a steady market suggests US may avoid recession

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The Associated Press

WASHINGTON (AP) – The job market has cooled over the summer. But it’s still strong enough to defy predictions that higher interest rates would tip the United States into recession.

U.S. employers added 187,000 jobs last month, fewer than expected, as the higher interest rates continued to weigh on the economy.

But the unemployment rate dipped to 3.5% in a sign that the job market remains resilient.

Hiring was up from 185,000 in June, a figure that the Labor Department revised down from an originally reported 209,000. Economists had expected to see 200,000 new jobs in July.

Read the full story on AP News right here.

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8/4/2023 11:51:35 AM (GMT -5:00)

Categories: Regional and US News