The American job market has defied raging inflation, rising interest rates, and growing recession fears.
Construction workers help direct traffic outside a residential and commercial building under construction at the Essex Crossing development on the Lower East Side of Manhattan, Thursday, Aug. 4, 2022. On Friday, Aug. 5, the Labor Department delivers its July jobs report. – 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, 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. ‘’There are, of course, political implications in the jobs numbers Friday: Americans have grown increasingly anxious about rising prices and the risk of recession.
The president has boosted job growth through his $1.9 coronavirus relief package and $1 billion bipartisan infrastructure law last year. Republican lawmakers and some leading economists, however, point to that government spending as the reason for current inflation levels which haven't been seen in 40 years.
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.
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US employers add 528,000 jobs as labor market defies raging inflationAmerica’s hiring boom continued last month as employers added a surprising 528,000 jobs despite raging inflation and rising anxiety about a recession.
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