US jobs rose by half a million in July

The U.S. registered a big increase in jobs in July, as 528,000 new jobs were added, despite forecasts for a slowdown in growth, according to official data on Friday.

Even the White House had agreed with most economists who had forecast a gain of just 250,000 jobs for the month, which President Joe Biden said was part of a natural slowdown after the world’s largest economy quickly recovered from the pandemic recession.

At the same time, wages jumped, with average hourly earnings up 15 cents from June, which is sure to add to inflation concerns as the Federal Reserve aggressively raises interest rates to ease the economy amid higher profits than increased prices for more than 40 years.

The job growth helped push the unemployment rate down to a pre-pandemic low of 3.5 percent, the U.S. Labor Department said.

The largest share of hiring was in entertainment, hospitality, and health care, which added 96,000 or more jobs, while manufacturing and construction gained 32,000 more jobs.

Builders struggled for months to find workers to meet high construction demand, but employment in the industry has now returned to pre-pandemic levels, the report said.

Source: KYPE

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