Payrolls increased 528,000 in July, much better than expected in a sign of strength for jobs market

Posted on AllSides August 5th, 2022
From The Center

Hiring in July was far better than expected, defying multiple other signs that the economic recovery is losing steam, the Bureau of Labor Statistics reported Friday.

Nonfarm payrolls rose 528,000 for the month and the unemployment rate was 3.5%, easily topping the Dow Jones estimates of 258,000 and 3.6%, respectively. The unemployment rate is now back to its pre-pandemic level and tied for the lowest since 1969, though the rate for Blacks rose 0.2 percentage point to 6%.

Wage growth also surged higher, as average hourly earnings jumped 0.5% for...

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