U.S. employers added 528,000 jobs; unemployment falls to 3.5 per cent

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 struck in early 2020.Get the latest local updates right to your inbox

"Recession -- what recession?" wrote Brian Coulton, chief economist at Fitch Ratings, wrote after the numbers came out. "The U.S. economy is creating new jobs at an annual rate of 6 million -- that's three times faster than what we normally see historically in a good year. `'The Labor Department also revised May and June hiring, saying an extra 28,000 jobs were created in those months.

There are, of course, political implications in the numbers being released Friday: Voters have been worried about rising prices and the risk of recession ahead of November's midterm elections as President Joe Biden's Democrats seek to maintain control of Congress. The unexpectedly strong hiring number will be welcomed at the White House.

Russia's war in Ukraine has darkened the outlook across Europe. The conflict has made energy supplies scarce and driven prices higher. European countries are bracing for the possibility that Moscow will keep reducing -- and perhaps completely cut off -- flows of natural gas, used to power factories, generate electricity and keep homes warm in winter.Economies have been on a wild ride since COVID-19 hit in early 2020.

The result has been shortages of workers and supplies, delayed shipments -- and rising prices. In the United States, inflation has been rising steadily for more than a year. In June, consumer prices jumped 9.1% from a year earlier -- the biggest increase since 1981.

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