Updated: 7 days ago
According to data, the US economy added a stunning 528,000 jobs in July, defying all expectations of a decline.
Even the White House had predicted that the surge would decrease to 250,000 in the month, which President Joe Biden said was part of the natural slowdown following the world's largest economy's remarkable recovery from the economic slump.
Meanwhile, wages increased, with average hourly earnings increasing 15 cents over June, raising inflation fears as the Federal Reserve hikes interest rates aggressively to slow the economy amid the largest price increases in more than 40 years.
The extensive job increases aided in returning the unemployment rate to its pre-pandemic low of 3.5 percent, according to the Labor Department. In addition, the June job gain was revised upward.
Hiring was strong in leisure and hospitality and health care, which hired 96,000 or more employees apiece, while manufacturing and construction added 32,000 or more
Builders have been struggling for months to find workers to fulfil strong demand for building, but employment in the sector has now returned to pre-pandemic levels, according to the survey.