US Economy, Remains Resilient Despite , Interest Rate Hikes.<br />Associated Press reports that while the job market <br />has cooled, it continues to defy predictions that <br />skyrocketing interest rates would trigger a recession.<br />In July, employers in the U.S. added <br />approximately 187,000 jobs, while the <br />unemployment rate dropped 3.5%.<br />AP reports that the number is still less <br />than the 200,000 new jobs economists <br />had expected to see added in July. .<br />Since March of 2022, <br />the Federal Reserve has <br />raised interest rates 11 times. .<br />This is a good strong report, Julia Pollak, Chief economist at the jobs <br />website ZipRecruiter, via Associated Press.<br /> The worst fears that people had <br />of a painful downturn, a loss of jobs, <br />longer unemployment durations, <br />all those things — those <br />are not coming to pass, Julia Pollak, Chief economist at the jobs <br />website ZipRecruiter, via Associated Press.<br />Meanwhile, unemployment fell just <br />short of a half-century low as <br />152,000 workers entered the U.S. job market. .<br />Regardless of the influx of new employees, <br />average hourly wages increased 0.4% from June <br />and a 4.4% increase from the same time last year.<br />AP reports that those <br />higher-than-expected numbers <br />are likely to worry the Fed.<br />In both May and June, the Labor Department <br />revised payroll figures down, reducing the number <br />of new jobs created by 49,000 each month. .<br />In both May and June, the Labor Department <br />revised payroll figures down, reducing the number <br />of new jobs created by 49,000 each month. .<br />Paul Ashworth, chief North America economist at<br />Capital Economics, June and July were “the two <br />weakest monthly gains in two-and-a-half years."
