Fewer Americans got jobs in July than expected. But a steady market suggests US may avoid recession

But it’s still strong enough to defy predictions that higher interest rates would tip the United States into recession.

“This is a good strong report,'' said Julia Pollak, chief economist at the jobs website ZipRecruiter. ”The worst fears that people had of a painful downturn, a loss of jobs, longer unemployment durations, all those things — those are not coming to pass.'' In July, health care companies added 63,000 jobs. But temporary help jobs – often seen as a sign of where the job market is headed – fell by 22,000. And factories cut 2,000 jobs.

too: The Conference Board, a business research group, said that its consumer confidence index last month hit the highest level in two years. The U.S. labor market “is now cooling in a gradual and orderly fashion in line with the policy goals at the Federal Reserve, which points to a growing probability of a soft landing for the economy,’’ said Joe Brusuelas, chief economist for the tax and accounting firm RSM. “Demand for labor remains solid but is clearly cooling compared to the torrid pace in 2021 and 2022.”In New Hampshire, the unemployment rate was 1.8% in June, tied with South Dakota for the nation’s lowest.

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