President Biden praised the surprise acceleration in job growth in July, claiming that “more people are working than at any moment in American history,” and citing the figures as evidence that he had carried out his campaign promise to “rebuild the middle class.”
The Labor Department said on Friday that employers added 528,000 jobs in July, well beyond the 250,000 jobs predicted by Refinitiv economists. At 3.5%, the unemployment rate is the lowest it has been since the COVID-19 pandemic started more than two years ago.
“The unemployment rate is at 3.5%, which is the lowest it has been in more than 50 years. More people than ever before in American history are employed “In a statement, Biden stated. With a wage, millions of families may live in dignity and with assurance.
528,000 NEW JOBS WERE ADDED BY THE US ECONOMY IN JULY, BEYOND EXPECTATIONS
And it’s the outcome of my economic strategy to strengthen the economy from the center out and the bottom up, said Biden. Although there is still work to be done, today’s jobs report demonstrates that we are making substantial progress for working families. “I ran for president to rebuild the middle class.
Even while the labor market faces the twin challenges of scorching-hot inflation and rising interest rates, the employment growth defied expectations of a slowdown in hiring.
The jobs lost during the pandemic have now all been replaced throughout the United States.
Broad-based job growth occurred in July, with leisure and hospitality leading the way with 96,000 new hires. Professional business services (89,000), health care (70,000), and government came next (57,000). Manufacturing added 30,000 new jobs, while construction added 32,000 new ones.
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The increase in employment coincides with a rising perception that the economy is losing steam as the Federal Reserve raises interest rates at the quickest rate in decades to combat inflation. The gross domestic product, the broadest measure of the products and services generated in the country, decreased 0.6% in the three months from April to June, according to a report released last week by the Commerce Department. That came after a loss of 1.6% in the year’s first three months.
The economy satisfies the technical requirements for a recession with back-to-back quarterly GDP falls.