What if we had a recession and everyone still had a job?
The U.S. economy added 528,000 jobs in July and the unemployment rate fell to 3.5 percent, the Department of Labor said Friday.
Economists had expected the economy to add 258,000 jobs and the unemployment rate to hold steady at 3.6 percent. The range of forecasts by economists surveyed by Econoday was between a gain of 2200,000 to 300,000.
The prior month’s already very high jobs figure of 372,000 was revised up to 398,000. The jobs market has now fully recovered from the pandemic job losses, with both the unemployment rate and total payrolls at their February 2020 prepandemic levels.
On average, the economy has added around 450,000 jobs per month in 2022, an extremely high