The U.S. economy unexpectedly added 528,000 jobs in July 2022
The U.S. Department of Labor reports that the job increase helped lower unemployment back to a pre-pandemic low of 3.5 percent. Employment growth exceeded in June 2022 has been adjusted higher.
Job seekers queue for registration at the Employment Center in Washington DC. American. (Photo by Vietnam News Agency)
Official data released on August 5 showed that the U.S. job market had a bright signal in July 2022 as the economy unexpectedly added 528,000 jobs, dispelling all speculation about the decline.
The White House even agrees with most economists in anticipating a slowdown in employment growth, at just 250,000 in July 2022.
A forecast that President Joe Biden thinks is part of the natural slowdown following the rapid recovery of the world's largest economy after the pandemic.
Meanwhile, wages skyrocketed, with average hourly earnings rising 15 cents from June 2022, which would inevitably raise concerns about inflation, as the Federal Reserve sharply raises interest rates to cool the economy amid inflation rising to its highest level in more than 40 years.
The U.S. Department of Labor reports that the job increase helped lower unemployment back to a pre-pandemic low of 3.5 percent. And the surpassing job growth in June 2022 has been adjusted higher.
[U.S. unemployment applications rise to 8-month highs]
Data shows that the total number of jobs in the non-agricultural sector also recovered to pre-pandemic levels.
Recruitment increased sharply in the recreation, hospitality and healthcare sectors, each increasing by 96,000 or more jobs, while manufacturing and construction sectors increased by 32,000 or more jobs.
Construction companies have struggled for months to find workers who meet high construction demand. However, employment in this field has now returned to pre-pandemic levels./.
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