The U.S. labor market remained red-hot in July despite expectations job growth would cool as tighter monetary conditions and company layoffs stoked fears of a recession.
The Labor Department released its latest monthly jobs report at 8:30 a.m. ET on Friday. Here were the key numbers from the report, compared to economist estimates compiled by Bloomberg:
- Non-farm payrolls: +528,000 vs. +250,000
- Unemployment rate: 3.5% vs. 3.6%
- Average hourly earnings, month-over-month: +0.5% vs. +0.4%
- Average hourly earnings, year-over-year: +5.2% vs. +4.9%
There’s no way in hell that payrolls were more than double the expected amount. That just doesn’t happen. But wait, there’s more:
July’s report marked a sharp jump from the prior month, which saw payrolls rise by 398,000. June’s figure was upwardly revised from the 372,000 initially reported.
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