U.S. economy

U.S. employers added 528,000 jobs in July, showing the labor market remains strong, despite high inflation and softening economic growth. The unemployment rate fell to 3.5%.

U.S. employers added 390,000 jobs in May as the labor market stays hot. The unemployment rate held steady at 3.6%.

With inflation at a four-decade high, a growing number of forecasters worry the U.S. economy may be headed to a recession as the Fed gears up to raise interest rates aggressively.

Consumer prices in January were up 7.5% from a year ago, the biggest annual gain since 1982. That may seem like a lot for those under 40, but older folks have lived through even sharper price hikes.