July's gains were widespread, with bars and restaurants adding 74,000 jobs, factories adding 30,000 jobs, and retailers adding 22,000 jobs.
Still, there's no sign of widespread layoffs or a sharp jump in unemployment, although some companies like trading app Robinhood have recently announced job cuts. "If you think about what a recession really is, it's a broad-based decline across many industries that's sustained for more than a couple of months," Federal Reserve Chairman Jerome Powell said last week."This doesn't seem like that."Construction workers work on a construction site in Brooklyn, N.Y., on July 22.Powell and his colleagues at the central bank are deliberately trying to slow the economy by raising interest rates in an effort to curb inflation.
The central bank would actually welcome some cooling in the job market, since red-hot wage growth has the potential to fuel inflation.a whopping 5.7% for the twelve months ending in June, while employers' cost for benefits rose 5.3%.
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