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Employment surged in July, with employers adding 528,000 jobs

GDP growth declined in second quarter

7 The Ministry of Laborsaid on Fridayas employment surged in the month and US employers created 528,000 jobs last month. This far exceeded economists' expectations of finding 250,000 new jobs during the period. It was also a jump from the previous month when companies added372,000 jobs, despite the highest inflation in 40 years. 

The unemployment rate fell from 3.6% in June to 3.5%, the lowest since February 2020, just before the COVID-19 pandemic. Prior to the latest salary report, the economy added about 450,000 jobs a month.

Employment highlights the resilience of the economy following the two consecutive quarters of decline in GDP, which is considered a feature of the recession. Despite this slowdown in economic growth, employment remains strong as businesses continue to add new jobs and retain current workers amid strong consumer demand. 

"Among all the concerns about the recession, one of the key data points showing that the economy is still growing was employment," said the Federal Financial Network. Said Brad McMillan, Chief Investment Officer of. In a research note before the report was released. 

Some analysts point out that employment growth alone is an unreliable indicator of a recession, and employment is often ,recession. 

For example, during the three months immediately preceding the recession caused by the collapse of housing that began in December 2007, the Ministry of Labor's monthly salary survey found that the economy gained nearly 300,000 jobs a month. It was shown to be doing. Cross asset research.

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