American employers added a whopping 528,000 jobs in July, easing fears of a recession and handing President Joe Biden and the Democrats some extra good news heading into the midterm elections. The unemployment rate also dropped slightly, from 3.6% to 3.5%, matching the more than 50-year low reached just before the pandemic began.
The economy has now recovered all 22 million jobs lost in March and April 2020 when COVID-19 slammed the U.S.
Economists had expected only 250,000 new jobs last month, which would have been a drop-off from June’s revised 398,000. Instead, July proved to be the best month since February.
When you're seeing the biggest and fastest job recovery in American manufacturing since the 1950s, Make It in America isn't just a slogan.
It’s a reality.
— President Biden (@POTUS) August 5, 2022
“Recession — what recession?” wrote Brian Coulton, chief economist at Fitch Ratings. “The U.S. 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.”
hook it to my veins pic.twitter.com/tjdwDg84nD
— Aaron Rupar (@atrupar) August 5, 2022
Even as he acknowledged the pain being inflicted by inflation, President Biden credited the job growth to his policies while still in isolation at the White House thanks to his still-positive Covid Antigen test. The President emphasized the addition of 642,000 manufacturing jobs during his watch. “Instead of workers begging employers for work, we’re seeing employers have to compete for American workers,” the president said.
Biden takes a much-deserved victory lap for creating more than 600,000 manufacturing jobs, reducing the deficit that grew each year under Trump, and more than 50 straight days of falling gas prices. pic.twitter.com/VnBnOStHdF
— Sarah Reese Jones (@PoliticusSarah) August 5, 2022
The Labor Department also reported that hourly earnings posted a healthy 0.5% gain last month and are up 5.2% over the past year. Job growth was especially strong last month in the health care industry and at hotels and restaurants.
JUST IN: Pres. Biden hails strong July jobs report: "Today there are more people working in America than before the pandemic began. In fact, there are more people working in America than at any point in American history." https://t.co/7Wddfi1A5H pic.twitter.com/aDxF52raU8
— ABC News (@ABC) August 5, 2022
In a report filled with mostly good news, the Labor Department also noted that 3.9 million people were working part-time for economic reasons in July, up by 303,000 from June. Department economists said that reflected an increase in the number of people whose hours were cut because of slack business. Whatever the reason for it, the employment data released Friday shows an astonishingly strong and resilient job market.