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US job growth soars by half a million in July, dampening fears of slowdown

by Nick Erickson
August 5, 2022
in Business
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US Job Growth Surges By Half A Million In July, Tempering Slowdown Fears
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US job growth to rise by half a million in July: government

US job growth soared in July, as the economy added a surprising 528,000 positions, defying all expectations of a slowdown, according to official data from Friday.

Even the White House agreed with most economists in forecasting the rise would slow to just 250,000 in the month, which President Joe Biden said was part of the natural slowdown following the rapid recovery of the world’s largest economy from the pandemic. downturn.

Meanwhile, wages rose — with an average hourly wage increase of 15 cents in June — which is sure to add to inflation concerns as the Federal Reserve aggressively raises interest rates to cool the economy amid the highest price hikes in more than 40 years.

Widespread job growth helped push the unemployment rate down to its pre-pandemic low of 3.5 percent, the Labor Department reported. And excessive job gains in June were revised higher.

Total employment outside the agricultural sector also recovered to pre-pandemic levels, the data showed.

Hiring was robust in leisure, hospitality and healthcare, each adding 96,000 or more, while manufacturing and construction gained 32,000 or more.

Builders have struggled for months to find workers to meet the high demand for construction, but employment in the sector is now back to pre-pandemic levels, the report said.

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