/
US employers added 528,000 jobs in July

US employers added 528,000 jobs in July


US employers added 528,000 jobs in July

WASHINGTON — 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 American job market has repeatedly defied skeptics this year. Economists had expected only 250,000 new jobs this month -- and the unemployment rate was expected to remain at 3.6% for the fifth consecutive month.

The U.S. economy shrank in the first two quarters of 2022 — the traditional definition of recession. But most economists believe the strong jobs market has kept the economy from slipping into a downturn.

The resiliency of the current labor market, especially the low jobless rate,  is the biggest reason most economists don’t believe a downturn has started yet, though they increasingly fear that one is on the way. History isn’t entirely reassuring: The unemployment rate was at 3.5% when an 11-month recession began in December 1969.