Economics
US Job Growth Surges, Tempering Recession Worry and Pressing Fed
- Payrolls gain of 528,000 in July exceeded all forecasts
- Jobless rate declined to 3.5%, matching a five-decade low
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US employers added more than double the number of jobs forecast, illustrating rock-solid labor demand that tempers recession worries and suggests the Federal Reserve will press on with steep interest-rate hikes to thwart inflation.
Nonfarm payrolls jumped 528,000 in July, a broad advance that beat all estimates and was the largest in five months, Labor Department data showed Friday. Employment in June was revised up to a 398,000 gain.