July’s hiring was up from 398,000 in June. The unemployment rate slipped to 3.5%.
The feds said US companies added 528,000 people to their payrolls in July, restoring the nation’s payrolls to pre-pandemic levels in a surprisingly strong report that shows the Federal Reserve still has work to do as it scrambles to curbThe blowout figures from the Labor Department on Friday — more than double economists’ expectations for 250,000 jobs to be added — bringing back all the jobs lost during the coronavirus recession. Unemployment fell to 3.
“Today’s report suggests that the Fed will need to do more, not less, to curtail inflation, however the economy’s strength could allow the Fed to continue its more aggressive pace,” Krosby told The Post. “Yes, the US is adding jobs,” Reich tweeted. “But inflation is rising faster than wages, meaning that most workers continue to get pay cuts. Adding jobs alone means nothing if people can’t afford basic living expenses.”