The US economy added 528,000 jobs in July, an unexpectedly strong figure that nonetheless raised concerns over ongoing inflation.
Unemployment rate fell to 3.5%.
Job growth was “broad”, according to Bureau of Labor StatisticsWith benefits in leisure and hospitality, professional and business services and healthcare.
President Joe Biden Touted the job benefits, noting that the unemployment rate is “the lowest in more than 50 years: 3.5%. More people are working than at any point in American history.”
But jobs come in the form of benefits federal Reserve Trying to cool the economy and curb inflation.
Harvard professor Jason Furman, who was chairman of President Barack Obama’s Council of Economic Advisors, wrote on Twitter that the report was “uncomfortably hot”. He said the average hourly earnings were 5.8% in July, and that the June figure had been revised down to 5.4%.
“The slowdown is nothing less than a worry now. Inflation is a concern,” he wrote.
Mark Zandi, chief economist at Moody’s Analytics, wrote: “There hasn’t been a significant slowdown in the job market. This should allay any concerns that the economy is already in recession. He wrote that the Federal Reserve, which is raising the key interest rate, “would take no solace in strong job numbers. Policymakers’ priority is to ease wage and price pressures, so they want to see more unemployment rise.” “