Job market gains momentum in July despite recession signals elsewhere

The U.S. economy had about 11.2 million open jobs in July, a slight increase from June. It is the latest sign of strength in a historically strong labor market."It's still one of the best job markets that I've ever seen, and I've been doing this for 16 years," said Jason Wachtel, the co-founder of job placement firm JW Michaels & Co.But July's data reflected a cool down in other areas.

Blumsack said the current conditions give employers an extra reason to try to hang on to employees. That could make it the right time to negotiate. Many analysts wonder how long the job market can remain strong. The Federal Reserve has said it will continue to raise interest rates in an effort to lower inflation.

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