More jobs than expected added in July, national unemployment drops

Photo by: WDAY Radio Staff
Photo by: WDAY Radio Staff

(Washington, D.C.) -- The U.S. unemployment rate fell to three-point-five-percent in July, down from three-point-six percent in June and the lowest since February 2020.

The economy added an estimated 528-thousand jobs, well above market forecasts of 250-thousand and the 398-thousand added in June. The numbers were boosted by added in the hospitality, food service and business services sectors.

Stock futures dropped on the news, with investors looking to see if strong job growth will lead the Federal Reserve to continue raising interest rates. Wages were also up in July, with average earnings up a half-percent for the month and more than five percent from the same time last year.

This as inflation has seen prices skyrocket at a pace not seen since the early 1980s.  

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