US Economy Adds 528,000 Jobs in July, Surpassing Estimates

Contact Your Elected Officials
The Epoch Times Header

The U.S. economy added 528,000 new jobs in July, topping the market estimate of 250,000, according to the Bureau of Labor Statistics (BLS).

The unemployment rate dipped to 3.5 percent, down from 3.6 percent in June. The labor force participation rate slipped to 62.1 percent

Average hourly earnings rose 0.5 percent month-over-month and 5.2 percent year-over-year. Both readings were higher than economists’ expectations of 0.3 percent and 4.9 percent, respectively. Average weekly hours also edged up to 34.6.

Employment growth was broad-based in July, led by notable gains in leisure and hospitality (96,000), professional and business services (89,000), and health care (70,000).

Government jobs swelled by 57,000, construction positions rose by 32,000, and manufacturing employment grew by 30,000. The retail sector added 22,000 jobs.

The number of people not in the labor force but wanting a job was unchanged at 5.9 million. The number of workers employed on a part-time basis for economic reasons surged by 303,000 to 3.9 million. The total number of multiple jobholders increased to 7.572 million, up from 7.013 million at the same time a year ago.

After the strong job numbers were published, the financial markets turned negative in pre-market trading.

The Dow Jones Industrial Average and the Nasdaq Composite Index shed about 100 points, while the S&P 500 slipped 0.7 percent. Investors think that the Federal Reserve will continue raising interest rates as the labor market endures the tightening cycle, observers note.

It could also reopen talks that the central bank could pull the trigger on a 100-basis-point rate hike, says Jan Szilagyi, CEO and co-founder of AI research firm Toggle.

“For the Fed, this means maintaining a very hawkish stance,” he said. “It’s a negative for the market because of the risk of more aggressive tightening, and the prospect that the Fed hasn’t caught up with inflation after all.”

By Andrew Moran

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

Doxed Democrats Are Getting Fired Left and Left

Not a misprint because a title of “left and...

Hold Up, Feds, Without Federalism, There Is No USA

Federalism is essential to governing the U.S., yet the federal government is undermining it by bribing states to implement unnecessary federal programs.

A Widow Inspires The World

Erika Kirk moved the nation with her speech two days after her husband’s assassination, vowing to continue his mission and grow Turning Point USA.

Both Left and Right Are Making Lists

The right admired Charlie Kirk for his faith and patriotism, while the left opposed him for dismantling their positions and narratives with ease.

Redemption’s playbook: The Senior

The Senior isn’t your usual underdog tale, it’s real, it’s raw, and it flips every cliché on its head with a playbook full of grit and plenty of aftermaths.

FBI Looking Into Other Possible Charlie Kirk Assassination Accomplices: Deputy Director Bongino

FBI Deputy Dir. Dan Bongino said that the FBI is “looking into” other possible accomplices in the assassination of conservative influencer Charlie Kirk.

Actor Sean Astin, Known for ‘Rudy,’ ‘Lord of the Rings,’ Elected SAG-AFTRA President

Oscar-nominated actor Sean Astin, famed for Samwise in “Lord of the Rings,” has been elected as the new president of SAG-AFTRA.

RFK Jr. Names New Members to CDC Vaccine Advisory Panel

Health Secretary Robert F. Kennedy Jr. named 5 new members to the Advisory Committee on Immunization Practices, which advises the CDC on vaccines.

Washington Post Columnist Says She Was Fired After Charlie Kirk Posts

A Washington Post columnist said on Sept. 15 that she was terminated by the newspaper over social media posts she made about Charlie Kirk’s assassination.

Trump Signs Memo Targeting Direct-to-Consumer Pharmaceutical Advertising

President Trump signed a memo to ensure drug ads give fair, balanced, and complete information to protect and inform American consumers.

Trump Runs out of Patience With China, Sharpens His Words

President Donald Trump’s recent remarks targeting China and its allies mark a noticeable shift in tone.

Trump Signs Order Renaming Department of Defense as Department of War

President Donald Trump on Sept. 5 signed an executive order renaming the Department of Defense as the Department of War.

Trump Signs Executive Order Targeting Countries That Unlawfully Detain Americans

President Trump signed an EO on targeting the unlawful detention of American citizens around the world and to facilitate the release of hostages.
spot_img

Related Articles

Popular Categories

MAGA Business Central