The economy added 528,000 jobs in July as hiring surged despite high inflation. The US has recovered all jobs lost in COVID.
U.S. employers added 528,000 jobs in July, defying a slowing
The unemployment rate has fallen to 3.5%, a 50-year low.
Economist Brian Bethune says that the economy is accelerating, not falling into recession.
July's payroll increases were broad-based with the leisure and hospitality sector leading the job gains.
The employment recovery has been uneven, with businesses recovering more jobs than the government.
Governments have been unable to provide the same benefits as the private sector in regards to pay, work options, and hours since the pandemic began.
Average hourly earnings increased by 15 cents, pushing the annual increase from 5.1% to 5.2%.
The labor force participation rate in the U.S. has decreased from 62.2% to 62.1%.
The economist Michael Pearce believes that the Fed will raise its key interest rate by three-quarters of a percentage in order to fight inflation.
The labor market has continued to grow despite an economy that has contracted and increasing interest rates.
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