U.S. labor market defies recession fears as job growth surges in July

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By Lucia Mutikani WASHINGTON (Reuters) – U.S. job growth unexpectedly accelerated in July, lifting the level of employment above its pre-pandemic level and pouring cold water on fears the economy was in recession. The Labor Department’s closely watched employment report on Friday also showed employers continuing to raise wages at a strong clip and generally maintaining longer hours for workers. The sustained labor market strength could give the Federal Reserve the latitude to keep aggressively hiking interest rates. “If the U.S. economy is in a recession, no one seems to have told employers,” …

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