Braking Down The News

July Jobs Report: U.S. Added 528,000 New Jobs as Unemployment Rate Fell to 3.5%

Labor market hits two major recovery markers almost 2½ years from the start of pandemic

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U.S. employers added a robust 528,000 jobs last month, helping the economy recoup the 22 million positions lost early in the pandemic, as hirers clamored for workers despite a slowdown in economic growth.

The jobs recovery took nearly 2½ years and included a stretch in the first half of the year when payrolls grew faster than during any other post-World War II period that also featured the start of an economic contraction. The unemployment rate dropped to 3.5% last month, a half-century low also seen just before the pandemic in early 2020, the Labor Department said Friday.

 

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