Colorado Springs, Colorado 2022-08-05 08:35:29 –
The federal unemployment rate fell to 3.5% in July, tying January and February 2020, the lowest in decades, according to federal data released on Friday.
Overall, the US job market remained strong despite fears of inflation and recession. The economy added 528,000 new jobs in the month as the Bureau of Labor Statistics called job growth “robust” nationwide.
The US unemployment rate hasn’t fallen below 3.5% since 1969.
Federal figures show employment levels and the unemployment rate have returned to pre-pandemic levels.
Average hourly earnings rose 15 cents to $32.27 in July. Last year, average hourly wages increased by $1.60, or 5.2%. But inflation has risen by 9.1% in the 12 months to June, indicating wages have not kept up with rising prices.
Bulletin will be updated.
‘Robust’ job market continues as unemployment rate drops to 3.5% Source link ‘Robust’ job market continues as unemployment rate drops to 3.5%