Unemployment Drops to 3.5%

The Associated Press reported this morning that the employers added

528,000 jobs to their payroll in July, 2022. This dropped the unemployment rate to 3.5%, something that hasn’t been seen in the United States in over 50 years. These figures bring the American employment market back to pre-pandemic levels of February 2020.

250,000 Jobs Were Expected

The jobs report more than doubles what economists had expected for July. While this is good news for the American economy, certain anxieties still exist about rising inflation and the risk of recession. While income has risen on average just over 5% in the past year, inflation has risen just over 9%, which has eaten up any financial gains on behalf of workers.  This, combined with the Federal Reserve’s plan to continue to raise interest rates, has some  worried about how the economy will fare as we near the 2022 midterm elections in June. Wall Street has also reacted with stocks dropping slightly as of this posting.

Read the entire Associated Press article here.