US employers added 528,000 jobs; unemployment falls to 3.5%
WASHINGTON (AP) — America’s hiring boom continued last month as employers added a surprising 528,000 jobs despite raging inflation and rising anxiety about a recession.
July’s hiring was up from 398,000 in June. The unemployment rate slipped to 3.5%. The U.S. economy shrank in the first two quarters of 2022 — an informal definition of recession.
But most economists believe the strong jobs market has kept the economy from slipping into a downturn.
The American job market has repeatedly defied skeptics this year. Economists had expected only 250,000 new jobs this month.