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Wednesday, August 17, 2022

Surprise rebound in US jobs despite economic contraction

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Despite a contraction of the economy and galloping inflation, the employment market showed unexpected dynamism in the United States in July. The unemployment rate fell 0.1% and now stands at 3.5%, returning to its pre-pandemic level, the Labor Department announced on Friday.

The month of July exceeded analysts’ expectations in the United States. 528,000 jobs were created, twice as many as expected. Creations recorded in almost every industry, including leisure, hospitality, professional and business services, and healthcare.

In addition, job creations for May and June have been revised upwards, to 386,000 and 398,000 respectively, which represents 28,000 more jobs than announced.

However, this rebound in employment comes at a time when concerns are growing about the solidity of the American economy; it has in fact contracted over the past two quarters, reviving the specter of recession.

The health of the labor market is being watched closely by the markets as it could encourage the Federal Reserve to raise rates in September, for the third time this year, by 75 basis points.

There is now “ more people working in the United States than before the pandemic began “, and even ” than at any time in American history “, greeted the American president from the White House. The employment figures are good news for Joe Biden and the Democrats, a few months before a crucial election deadline, which will see the renewal of a large part of the elected members of Congress in November.

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