U.S. adds whopping 528,000 jobs in July despite recession fears

Economy

The U.S. economy created a larger-than-expected 528,000 nonfarm jobs in July, while the unemployment rate edged down by 0.1 percentage point from the previous month to 3.5 percent, the Labor Department said Friday. The data came despite fears that the world's largest economy may be nearing a recession as the U.S. Federal Reserve continues to aggressively raise interest rates to tamp down inflation. Growth in nonfarm payrolls exceeded the market consensus of an increase of 250,000. The unemployment rate was on par with the figure in February 2020 when the coronavirus pandemic was just about to ...

Kyodo News

Kyodo News