US Economy, Remains Resilient Despite , Interest Rate Hikes.
Associated Press reports that while the job market
has cooled, it continues to defy predictions that
skyrocketing interest rates would trigger a recession.
In July, employers in the U.S. added
approximately 187,000 jobs, while the
unemployment rate dropped 3.5%.
AP reports that the number is still less
than the 200,000 new jobs economists
had expected to see added in July. .
Since March of 2022,
the Federal Reserve has
raised interest rates 11 times. .
This is a good strong report, Julia Pollak, Chief economist at the jobs
website ZipRecruiter, via Associated Press.
The worst fears that people had
of a painful downturn, a loss of jobs,
longer unemployment durations,
all those things — those
are not coming to pass, Julia Pollak, Chief economist at the jobs
website ZipRecruiter, via Associated Press.
Meanwhile, unemployment fell just
short of a half-century low as
152,000 workers entered the U.S. job market. .
Regardless of the influx of new employees,
average hourly wages increased 0.4% from June
and a 4.4% increase from the same time last year.
AP reports that those
higher-than-expected numbers
are likely to worry the Fed.
In both May and June, the Labor Department
revised payroll figures down, reducing the number
of new jobs created by 49,000 each month. .
In both May and June, the Labor Department
revised payroll figures down, reducing the number
of new jobs created by 49,000 each month. .
Paul Ashworth, chief North America economist at
Capital Economics, June and July were “the two
weakest monthly gains in two-and-a-half years."