Job growth recaptures losses due to COVID-19
U.S. Labor Department numbers show that employers added 528,000 jobs in July despite warning signs of an economic downturn and easing fears of a recession, according to a report from Associated Press. Unemployment dropped to 3.5% — down from 3.6% in June — and matching the more than 50-year low reached just before the pandemic took hold. The economy has now recovered all 22 million jobs lost in March and April 2020. Economists had expected only 250,000 new jobs last month. Instead, July proved to be the best month for job creation since February 2022.