'Robust' job market continues as unemployment rate drops to 3.5%

According to federal data released Friday, the federal unemployment rate dropped to 3.5% in July, tying January and February 2020 for the lowest mark in recent decades. Overall, the US job market remained strong despite inflation and recession concerns. The economy added 528,000 new jobs during the month as the Bureau of Labor Statistics called the national job growth “robust.” The US unemployment rate has not dropped below 3.5% since 1969.