 Within a few days of news breaking that US GDP had contracted for a second consecutive quarter in 2022 (which in many countries defines a 'technical recession') the US labour department published a report on August 5th showing that the economy added 528,000 new jobs in July - double the amount economists had predicted. Unemployment in the US is now 3.5%, its lowest level in fifty years.
In Ireland, according to the Central Statistics Office (CSO), unemployment now stands at 4.2% meaning the Irish economy has made a full recovery since the pandemic. There are now as many people in employment in Ireland as in 2019.
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