‘What recession?’: US employers add 528,000 jobs in July
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.
(Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
8/5/2022 12:51:09 PM (GMT -5:00)