US job growth surges by half a million
The US economy added a surprising 528,000 positions in July, defying all expectations of a slowdown.
The widespread job gains helped lower the unemployment rate back to the pre-pandemic low of 3.5 percent.
President Joe Biden said the increase was part of the natural slowdown after the rapid rebound of the world’s largest economy from the pandemic downturn.
Average wages jumped 15 cents over June, adding to inflation concerns as the Federal Reserve raises interest rates.
The outsized job gain in June was revised higher.
Total non-farm employment also recovered to its pre-pandemic level. Hiring was robust in leisure and hospitality and health care, while manufacturing and construction gained 32,000 or more.