U.S. job growth jumps 500,000 in July

Washington: Contrary to all expectations of a slowdown, U.S. job growth surged in July as the economy added a staggering 528,000 positions, according to official data on Friday.

Even the White House, in line with most economists, predicted monthly growth would slow to just 250,000 after the world’s largest economy recovered rapidly from a pandemic recession. said to be part of the natural slowdown of

Meanwhile, wages soared, with average hourly wages up 15 cents from June. Inflation fears will undoubtedly rise as the Fed aggressively hikes rates to cool the economy amid the highest inflation in over 40 years.

Widespread job growth has brought the unemployment rate down to a pre-pandemic low of 3.5%, the Labor Department reports. Also, June’s strong job gains have been revised upwards.

Data show that total non-farm employment has also recovered to pre-pandemic levels.

Employment was strong in leisure, hospitality and health care, each adding more than 96,000 jobs, while manufacturing and construction added more than 32,000 jobs.

Builders have struggled for months to find workers to meet the high demand for construction, but employment in the sector is now back to pre-pandemic levels, the report says. .