US jobs unexpectedly soar in July

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By Cate Chapman, Editor at LinkedIn News

Updated 54 minutes ago

Confounding economists’ expectations of a slowdown, the U.S. economy added 528,000 jobs in July — more than double the amount forecast by Wall Street. The unemployment rate dropped to 3.5%, matching a 50-year low set just before the pandemic, a sign that many employers are brushing off recession fears. Meanwhile, year-on-year wage growth ticked up to 5.2%, from 5.1% in June. That could increase consumer demand and boost inflation, potentially leading to more aggressive interest rate hikes from the Federal Reserve.