The unemployment rate was 3.5%, down from 3.6% in June, matching its 50-year low on the eve of the pandemic.
The impressive performance — which brings total employment back to its level of February 2020, just before the pandemic lockdowns — provides new evidence that the United States has not entered a recession.
But with the Federal Reserve pursuing an aggressive policy of interest rate increases to bring inflation under control, most forecasters expect the labor market’s momentum to slow markedly later in the year, as companies cut payrolls to match lower demand.
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