A blowout government report for July has pegged the US jobless rate at 3.5%. The last time unemployment was this low, the Apollo moon landings were still in full swing. Employers added more than double the number of jobs forecast, illustrating rock-solid labor demand. Wage growth accelerated, too, which will likely prod the Federal Reserve to keep going with aggressive rate hikes. But that didn’t stop President Joe Biden from taking some credit for burning the recession-is-looming chorus in a week already marked by a series of wins for the administration. “More people are working than at any point in American history,” he said. “It’s the result of my economic plan to build the economy from the bottom up and middle out.”
Bloomberg is tracking the coronavirus pandemic and the progress of global vaccination efforts.