Aug 05, 2022
By Angus Gillespie
In what’s being termed a surprising turnaround, American businesses added double the number of employees in July than had been widely expected by most economists.
A total of 528,000 jobs were created last month, restoring all the jobs lost during the pandemic. Unemployment fell to 3.5%, the lowest it’s been since the global pandemic first hit in March, 2020.
July’s job creation was 130,000 more than than those produced in June, and the most since February.
However, it’s still anticipated that the U.S. Federal Reserve will increase interest rates by a minimum of 50 basis points and perhaps by as much as one full percentage point on September 21st.