Washington. The US labor market grew solidly in July, pushing the unemployment rate to a pre-Covid-pandemic low, the strongest evidence yet that the world’s largest economy is not in recession.

In July, the US economy created 528,000 jobs, twice as many as expected, while the jobs generated in May and June were higher than announced, with 386,000 and 398,000 jobs, respectively, 28,000 after an upward revision.

Job creation has grown for 19 consecutive months and is at the level of February 2020, just before the economy was hit hard by the health crisis.

In turn, the unemployment rate fell from 3.6 percent in June to 3.5 percent in July, also the best record since February 2020, which was the lowest in 50 years, the Department of Labor reported this Friday.

Growth was widespread, led by job creation in the leisure and hospitality, professional and business services, and health care sectors, the report said.

The labor market data buoyed President Joe Biden. It is the result of my economic planBiden said in a statement. There is work to be done, but today’s jobs report shows we are making progresshe added.

The report paints a picture of a healthy economy, despite two consecutive quarters of contraction in gross domestic product.

However, job growth could keep pressure on the Federal Reserve to make a third interest rate hike of three-quarters of a percentage point at its next meeting in September.

The US central bank last week raised its interest rate by three-quarters of a percentage point. Since March, that rate has been raised 2.25 percent, in order to contain inflation in the world’s largest economy, which is at the highest level in four decades.

By Editor

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