https://www.huffpost.com/entry/economy-jobs-report_n_62ed1c36e4b00f4cf23a0667
US Employers Add 528,000 Jobs, Defy Recession Fears
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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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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.
July’s job creation was up from 398,000 in June and the most since February.
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. S. economy shrank in the first two quarters of 2022 — an informal definition of recession. But most economists believe the strong jobs market has kept the economy from slipping into a downturn.
The surprisingly strong jobs numbers will undoubtedly intensify the debate over whether the U. S. is in a recession or not.
“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. ‘’
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