Hiring surges in July, employers add 528,000 jobs

Labor Department hiring surges in July, U.S. employers create 528,000 jobs last month Say Friday. That was well ahead of economists’ expectations for the 250,000 jobs added during the period.It’s also a leap from last month, when businesses increased 372,000 jobs That’s despite inflation hitting its highest level in 40 years.

The unemployment rate fell to 3.5% from 3.6% in June, the lowest level since February 2020 before the onset of the COVID-19 pandemic. Ahead of the latest jobs report, the economy was adding about 450,000 jobs a month.

Jobs data underscores economy’s resilience for two straight quarters quarters in which GDP fell, which is considered a sign of a recession. Despite slowing economic growth, hiring remains strong as businesses continue to add new jobs and retain existing employees as strong consumer demand continues.

Weekly jobless claims rise, mortgage rates fall as economic recovery is still in flux


“With all the fears of a recession, one of the key figures to show that the economy is still growing is employment,” Brad McMillan, chief investment officer at Federal Financial Network, said in a research note ahead of the report.

Some analysts also pointed out that job growth alone is not a reliable indicator of a recession, noting that hiring tends to remain strong in the early stages of a recession.

For example, in the three months before the recession triggered by the housing crash that began in December 2007, the Labor Department’s monthly employment survey showed the economy was adding nearly 300,000 jobs a month, according to Societe Generale Cross Asset Research.

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