‘What recession?’: US employers add 528,000 jobs in July

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WASHINGTON (AP) – U.S. employers added an astonishing 528,000 jobs last month despite flashing warning signs of an economic downturn, easing fears of a recession and handing President Joe Biden some good news heading into the midterm elections.

Unemployment dropped another notch, from 3.6% to 3.5%, matching the more than 50-year low reached just before the pandemic took hold.

The economy has now recovered all 22 million jobs lost in March and April 2020 when COVID-19 slammed the U.S.

The red-hot numbers were reported Friday by the Labor Department.

Economists had expected only 250,000 new jobs last month, in a drop-off from June’s revised 398,000.

Instead, July proved to be the best month since February.

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8/5/2022 12:51:09 PM (GMT -5:00)

Categories: Regional and US News