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.
LOS ANGELES, CALIFORNIA - JULY 26: A 'Now Hiring' sign is posted at a Verizon store on July 26, 2022 in Los Angeles, California. As the Federal Reserve continues to increase interest rates, the labor market is starting to show signs of slowing down. WASHINGTON — 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.
“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. ‘’The Labor Department also revised May and June hiring, saying an extra 28,000 jobs were created in those months. Job growth was especially strong last month in the healthcare industry and at hotels and restaurants.
Hourly earnings posted a healthy 0.5% gain last month and are up 5.2% over the past year — still not enough to keep up with inflation.The jobless rate fell as the number of Americans saying they had jobs rose by 179,000 and the number saying they were unemployed dropped by 242,000. But 61,000 Americans dropped out of the labor force in July, trimming the share of those working or looking for work to 62.1% last month from 62.2% in June.
The strong job numbers are likely to encourage the Federal Reserve to continue raising interest rates to cool the economy and combat resurgent inflation. “The strength of the labor market in the face of ... rate tightening from the Fed already this year clearly shows that the Fed has more work to do,' said Charlie Ripley, senior investment strategist at Allianz Investment Management. “Overall, today’s report should put the notion of a near-term recession on the back-burner for now.
There are, of course, political implications in the numbers being released Friday: Voters have been worried about rising prices and the risk of recession ahead of November’s midterm elections as President
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