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Payrolls increased 528,000 in July, much better than expected in a sign of strength for jobs market
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| Contributor | RP |
| Last Edited | RP Aug 05, 2022 08:32am |
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| Category | Report |
| Author | Jeff Cox |
| News Date | Friday, August 5, 2022 01:30:00 PM UTC0:0 |
| Description | Hiring in July was far better than expected, defying 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.
Wage growth also surged higher, as average hourly earnings jumped 0.5% for the month and 5.2% from the same time a year ago. Those numbers add fuel to an inflation picture that already has consumer prices rising at their fastest rate since the early 1980s. The Dow Jones estimate was for a 0.3% monthly gain and 4.9% annual increase. |
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