“You look at the news and see all these bad reports … but the job market is amazing right now.’’ A single mother, she is weighing several offers, looking for one that is close to her home in Manhattan and pays enough to let her take care of her two children. “I didn’t realize how good the job market is right now,’’ she said shortly after finishing her fifth interview this week. New Yorker Karen Smalls, 46, started looking for work three weeks ago - via job sites like ZipRecruiter and Indeed - as support staff to social workers who serve those with mental health issues. The resiliency of the current labor market, especially the low jobless rate – is the biggest reason most economists don’t believe a downturn has started yet, though they increasingly fear that one is on the way. Yet the economic backdrop remains troubling: Gross domestic product – the broadest measure of economic output – fell in both the first and second quarters consecutive GDP drops is one definition of a recession.
‘’Įconomists had expected only 250,000 new jobs this month. economy is creating new jobs at an annual rate of 6 million – that’s three times faster than what we normally see historically in a good year. “Recession – what recession?’’ wrote Brian Coulton, chief economist at Fitch Ratings, after the numbers came out. But most economists believe the strong jobs market has kept the economy from slipping into a downturn.įriday’s surprisingly strong report will undoubtedly intensify the debate over whether America is in a recession or not. economy shrank in the first two quarters of 2022 – an informal definition of recession. The red-hot jobs numbers from the Labor Department on Friday arrive amid a growing consensus that the U.S. July’s job creation was 130,000 more than than those produced in June, and the most since February.
Unemployment fell to 3.5%, lowest since the pandemic struck in early 2020. WASHINGTON (AP) – Defying anxiety about a possible recession and raging inflation, America’s employers added a stunning 528,000 jobs last month, restoring all the jobs lost in the coronavirus recession.
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