Headline RoundupAugust 5th, 2022

US Economy's Job Additions Doubled Expectations in July

AllSides Summary

The U.S. economy added twice as many jobs in July as economists had predicted.

According to a Friday release from the Bureau of Labor Statistics, employers added 528,000 jobs in July, doubling economists expectations and indicating that hiring remains strong despite declining GDP and rising inflation. The unemployment rate also fell from 3.6% to 3.5%; economists predicted that it would stand pat.

The labor force participation rate fell 0.1% to 62.1% between June and July, and remains below its pre-pandemic level of 63.4%. The number of Americans who don't have a job and aren't looking for one climbed above 100,000,000 for the first time since October 2021.

Across the political spectrum, economics reporters framed the data similarly. CNBC framed the data as "defying multiple other signs that the economic recovery is losing steam." CBS News said the numbers "underscore the resilience of the economy following two straight quarters of declining GDP." Fox Business framed the data as "defying fears of a slowdown in hiring even as the labor market confronts the twin threats of scorching-hot inflation and rising interest rates." Other right-rated sources highlighted how the number of people not in the labor force grew.

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