Despite growing concerns of a forthcoming recession, the United States economy continues to chug along. There were 164,000 jobs added in July, according to the jobs report released Friday by the U.S. Department of Labor.
The jobs added figure was in line with economists’ projections of 165,000, according to MarketWatch. The unemployment rate held steady at 3.7% and average hourly earnings rose by 0.3%. The year-over-year gain is now at 3.2%.
The report also revised job growth in May and June down by a combined 41,000 jobs.
Overall, unemployment is still near a five-decade low, wage growth continues to trend up and employers have added jobs for 106 consecutive months — which is far and away a record.
The July job figures come two days after the Federal Reserve lowered interest rates for the first time in more than a decade.
“If the economy is truly weakening sharply, jobless claims should be going up, and that hasn’t happened so far,” Jim O’Sullivan, chief economist at High Frequency Economics told the New York Times.
After a disappointing May, the economy has rebounded the past two months. It has, however, cooled down compared to 2018. Over the past three months employers have added an average of 140,000 jobs, which is down from the 233,000 average seen in the final three months of 2018.