America’s hiring boom continued last month as employers added a surprising 528,000 jobs despite raging inflation and rising anxiety about a recession
. It has raised its benchmark short-term interest rate four times this year, and more rate hikes are ahead.
And the four-week average number of Americans signing up for unemployment benefits — a proxy for layoffs that smooths out week-to-week swings —, though the numbers may have been exaggerated by seasonal factors. A slower pace of hiring and reduced levels of wage growth could also suggest that inflationary pressures are easing, but it has the White House attempting to convince the American public that less growth is a positive at a moment when Republican lawmakers are saying a recession has already started; they cite the drop in GDP over the first half of the year.
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Jobs shocker: U.S. adds 528,000 jobs in July and unemployment falls to pre-pandemic levelsThe U.S. added a surprisingly strong 528,000 new jobs in July and the unemployment rate fell to pre-pandemic levels in a muscle-flexing display for the economy, but the robust report could add to inflation worries and push interest rates even higher.
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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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US Employers Add 528,000 Jobs, Defy Recession FearsDefying 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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Employers Add 528,000 to Payroll in July in Sign of Job Market StrengthJUST IN: 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 started.
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Job Growth Was Likely Strong in July But Could Slow in Coming Months With More LayoffsEmployers were expected to have added a robust 258,000 jobs in July, but the pace of payroll creation is likely to slow in coming months.
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