The US economy unexpectedly added 528,000 jobs last month, as payroll growth soared even in the face of tighter monetary policy and waning fiscal support, easing fears of a recession.
The data were released by the US labour department at 8.30am eastern time on Friday, and will allay concerns of a downturn in the world’s largest economy just months before midterm elections that will determine control of Congress. Senior Biden administration officials have dismissed worries that the US is already in a recession, saying the economy remains in good shape and is simply in transition to a slower footing after the boom it experienced last year.
On Thursday, the US labour department separately released data showing that the number of people applying for unemployment benefits last week reached 260,000, its highest level in more than six months, raising additional alarm bells about the direction of the jobs market.