US Economy Added 528,000 Jobs in July

Video Credit: Wibbitz Top Stories
Published on August 5, 2022 - Duration: 01:30s

US Economy Added 528,000 Jobs in July

US Economy Added , 528,000 Jobs in July.

According to data released by the Bureau of Labor Statistics on Aug.

5, .

America added 528,000 nonfarm payrolls for July.

The unemployment rate fell to 3.5%.

The report exceeded Dow Jones estimates of 258,000 new jobs and an unemployment rate of 3.6% for the month.

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July's 528,000 added jobs marks a significant increase from the 372,000 jobs added the month prior.

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CNBC reports that average hourly earnings also increased 0.5% for July and 5.2% compared to a year ago.

Daniel Zhao, a senior economist at the career site Glassdoor, says the increase in hiring contradicts typical recession conditions.

It would be very unusual to have a recession when weโ€™re still adding several hundred thousand jobs a month, Daniel Zhao, a senior economist at the career site Glassdoor, via ABC News.

But as inflation remains at its highest level in over 40 years, the Federal Reserve continues to aggressively hike interest rates, which could slow job creation.

But as inflation remains at its highest level in over 40 years, the Federal Reserve continues to aggressively hike interest rates, which could slow job creation.

Recently, major companies such as Walmart and Robinhood have announced layoffs and hiring slowdowns.

Recently, major companies such as Walmart and Robinhood have announced layoffs and hiring slowdowns


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Glassdoor

American website about employers and employment





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