August 10, 2022
Jobs Report July 2022: 528,000

The Bureau of Labor Statistics reported Friday that hiring in July was better than expected, defying signs of slowing economic recovery.

Non-farm payrolls rose 528,000 for the month and the unemployment rate stood at 3.5%, topping Dow Jones estimates of 258,000 and 3.6%, respectively.

Wage growth rose even more, as average hourly earnings jumped 0.5% for the month and 5.2% from the same time a year ago. Those numbers add fuel to the inflation picture, which is already rising at the fastest rate in consumer prices since the early 1980s.

The market initially reacted negatively to the report, with Dow Jones futures down over 120 points.

Leisure and hospitality led the way with 96,000 jobs, followed by professional and business services with 89,000. Health care added 70,000 and government payrolls increased by 57,000. Goods-producing industries also made solid gains, with manufacturing increasing by 32,000 and manufacturing by 30,000.

Despite declining expectations, July’s gains were the best since February and were well ahead of the 388,000 average job gain over the past four months. The BLS release noted that total non-farm payroll employment increased by 22 million since April 2020, when most of the US economy was shut down to cope with the COVID pandemic.

The bureau noted that private payrolls are now higher than February 2020 levels, just before the pandemic was announced, although government jobs are still lagging.

This is breaking news. Please check back here for updates,

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