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| Photo Credit: AP. |
U.S. employers added a total of 528,000 jobs in July easing growing fears the country was sliding into recession.
Unemployment
dropped from 3.6% to 3.5%, reaching the more than 50-year low reached just
before the pandemic shook the country, The Associated Press reports.
Data shows
the economy has now recovered all 22 million jobs lost in March and April 2020
when COVID-19 ravaged the country.
On Friday the
Labor Department released the statistics dousing tensions that the country was
headed for another round of recession.
Is the U.S. in recession?
“Recession —
what recession?” wrote Brian Coulton, chief economist at Fitch Ratings, according
to The Associated Press. “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 Associated
Press reported that economists had only expected about 250,000 new jobs last
month, a marked dropped from June’s revised 398,000.
U.S. struggles with increasing inflation
The figures is
coming as the U.S. is struggling to deal with the hydra headed inflation that the
Feds have been struggling to curtail through periodic hikes in interest rates.
Speaking at
the White House, President Joe Biden praised the job growth on his policies but
acknowledged Americans are suffering from the increasing inflation.
“Instead of
workers begging employers for work, we’re seeing employers have to compete for
American workers,” the president said, according to The Associated Press.
The number
of Americans saying they had jobs rose by 179,000, while the number saying they
were unemployed fell by 242,000, according to The Associated Press. 61,000
Americans lost their jobs in July.