NEW YORK — July’s jobs report was a stunner, in more ways than one. Despite raging inflation and anxiety about a possible recession, employers created 528,000 jobs last month, more than double market expectations. That’s the fastest pace of hiring since February.
While the monthly jobs report is always highly anticipated, the July report was even more closely watched by investors, policymakers and the public. There have been increasing signs that the U.S. economy is heading into a recession. The strong job market may diminish those fears for now. But with inflation stubbornly high, the Federal Reserve may need to take additional measures to slow down the economy.
Here are five takeaways from the July jobs report:
HIRING: ZERO SIGNS OF SLOWING
Economists and policymakers had expected hiring to slow in July due to recession worries, rising interest rates and high inflation, with forecasts of 250,000 jobs created versus 372,000 in June.
Source: AP NEWS