'What recession?' — U.S. hiring soars to 528,000 new jobs in July | CBC News

Posted: Aug 05, 2022 8:41 AM ET | Last Updated: 7 hours agoDefying 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.The red-hot jobs numbers from the Labour Department on Friday arrive amid a growing consensus that the U.S. economy is losing momentum. The— an informal definition of recession.

Biden took credit for the resilient labour market Friday, saying "it's the result of my economic plan." "There's more work to do, but today's jobs report shows we are making significant progress for working families," Biden said Friday. The jobless rate fell as the number of Americans saying they had jobs rose by 179,000 and the number saying they were unemployed dropped by 242,000. But 61,000 Americans dropped out of the labour force in July, trimming the share of those working or looking for work to 62.1 per cent last month from 62.2 per cent in June.

The resiliency of the current labour 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. But massive government aid — and the Feds decision to slash interest rates and pour money into financial markets — fueled a surprisingly quick recovery. Caught off guard by the strength of the rebound, factories, shops, ports and freight yards were overwhelmed with orders and scrambled to bring back the workers they furloughed when COVID-19 hit.

The participation rate is also falling.

Lots of people are getting 2nd and 3rd jobs to make ends meet plus re-opening of businesses shut down but hey, much better than the Canadian numbers eh?

The rancid rotten corrupt CBC cheering on Rancid Rotten Corrupt Joe Biden ands our Dictator in Chief Trudeau.

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U.S. employers added 528,000 jobs; unemployment falls to 3.5 per centDefying 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 per cent, lowest since the pandemic struck in early 2020.
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