Business
US economy blows past expectations by adding 528,000 jobs in July

US economy blows past expectations by adding 528,000 jobs in July

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 US 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 challenged skeptics this year. Economists had expected only 250,000 new jobs this month.

More to come

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