ICYMI: The U.S. added 528,000 jobs in July, far better than expected. The unemployment rate was 3.5%.
Hiring in July was far better than expected, defying multiple other signs that the economic recovery is losing steam, the Bureau of Labor Statistics reported Friday.
More broadly, though, the report showed the labor market remains strong despite other signs of economic weakness. Leisure and hospitality led the way in job gains with 96,000, though the industry is still 1.2 million workers shy of its pre-pandemic level. A more encompassing view of unemployment that includes those holding part-time jobs for economic reasons as well as discouraged workers not looking for jobs was unchanged at 6.7%.Despite downbeat expectations, the July gains were the best since February and well ahead of the 388,000 average job rise over the past four months. The BLS release noted that total nonfarm payroll employment has increased by 22 million since the April 2020 low when most of the U.S.
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