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U.S. Nonfarm Payrolls Soar 528,000 in July

Economic Indicators Aug 05, 2022 08:37AM ET
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© Reuters.

By Scott Kanowsky 

Investing.com -- U.S. job growth unexpectedly accelerated in July, running counter to concerns that soaring price inflation and surging interest rates are hitting labor demand in the world's largest economy.

According to the Labor Department, non-farm payrolls rose by 528,000 during the month versus the revised figure of 398,000 in June. Analyst had expected the reading to slide to 250,000.

The unemployment rate also ticked slightly lower to 3.5%.

Friday's release may bolster the case made by some officials in Washington that, despite recently weak economic data, the U.S. is not facing an imminent recession.

Fueling these fears, in particular, was gross domestic product in the U.S., which fell in the second quarter. That meant the country has now posted two straight three-month periods of contraction, fulfilling the widely accepted criteria for a "technical recession." However, the National Bureau of Economic Research, who ultimately arbitrates whether the U.S. has tipped into a recession, has not made such an announcement yet.

Claims for unemployment benefits also edged up to nearly a seven-month high of 260,000 last week, adding to speculation that the labor market may be starting to slow as pressure - especially from eye-watering consumer price growth and higher borrowing costs - mounts on the broader economy.

But the Biden administration has moved to reassure Americans that the economy remains resilient, arguing that it is instead experiencing an inevitable post-boom deacceleration in activity.

Meanwhile, Federal Reserve chairman Jerome Powell pushed back last week against the notion that the below-zero GDP print signals a recession. Powell said that interest rates, which the Fed has been aggressively lifting in a bid to cool red-hot inflation, could stand to jump even higher without weighing on the economy.

The Dow, S&P 500, and Nasdaq all opened lower and U.S. government bonds sold off, as investors bet that the strong jobs data would lead the Fed to continue pursuing future rate hikes. The U.S. dollar index also zoomed up by 1.04% to 106.79 as of 09:54 EST (1354 GMT).

U.S. Nonfarm Payrolls Soar 528,000 in July
 

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Comments (60)
Jamie An
Jamie An Aug 06, 2022 12:24AM ET
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I don't care inflation data in next week, neither FOMC. I'm only care program buying up up up
nils Hullmann
nils Hullmann Aug 05, 2022 4:10PM ET
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another thing to put in perspective....if GDP goes down and jobs go up...this means productivity is in the gutter
nils Hullmann
nils Hullmann Aug 05, 2022 4:08PM ET
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when participation rate drops and job numbers increase.......you know it just shows 1 person has 2 or 3 jobs now....its not rocket science
Brad Albright
Brad Albright Aug 05, 2022 4:08PM ET
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Do you know who that one person is?
Mo BeeLee
MoBeeLee Aug 05, 2022 3:48PM ET
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It's useless to comment when the app removes upvotes for those comments it doesn't like. I think it's time to ditch this app.
dim dim
dim dim Aug 05, 2022 2:41PM ET
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only numbers....
Jamie An
Jamie An Aug 05, 2022 2:25PM ET
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I can't understand why this huge gap is occurred expectation and real almost double. Why?
Brad Albright
Brad Albright Aug 05, 2022 2:25PM ET
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The soft landing is in play: Inflation tamed without hurting employment.
Co Gonz
Co Gonz Aug 05, 2022 2:25PM ET
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Brad Albright inflation at 8.5 is tammed🥴 core inflation stayed flat meaning it’s sticky and you need to learn economics
Jamie An
Jamie An Aug 05, 2022 1:37PM ET
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Yes inflation maybe hike but wages also jump. so Market rally is ok. Nasdaq up up up
Sol Wein
Sol Wein Aug 05, 2022 12:34PM ET
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Mostly multiple job holders. People cant make end meet so they need a second job
tim banks
tim banks Aug 05, 2022 12:34PM ET
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not true. percent multiple jobs is down 20% from 2019
Brad Albright
Brad Albright Aug 05, 2022 12:34PM ET
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tim banks Please do not confuse the know-nothings with facts.
Brad Albright
Brad Albright Aug 05, 2022 12:34PM ET
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Number of multiple job holders among the 528,,000 is just over 100,000. So, no. Not mostly at all.
Otb Investor
Otb Investor Aug 05, 2022 10:28AM ET
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Anything good is thanks to people of America, and in spite of Brandon, not because of.
Show previous replies (1)
Tre Hsi
Tre Hsi Aug 05, 2022 10:28AM ET
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you should apply the same logic to all president, to be fair and balanced and all that
Dave Jones
Dave Jones Aug 05, 2022 10:28AM ET
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Brad Albright Brad not at Albright.
Mse II
Mse II Aug 05, 2022 10:28AM ET
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I would agree however this is the first in my life time that the president is actively working against the people giving preference to his woke globalist agenda with complete disregard to the will or wellbeing of the people.
Brad Albright
Brad Albright Aug 05, 2022 10:28AM ET
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Mse II Another foreign chaos agent not pleased with America's return to the world stage. We see right through this schtick, comrade.
Co Gonz
Co Gonz Aug 05, 2022 10:28AM ET
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Brad Albright your to to is to always criticize and suggest people in comments that prove you wrong are foreign agents..
Otb Investor
Otb Investor Aug 05, 2022 10:28AM ET
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Anything good is thanks to people of America, and in spite of Brandon, not because of.
 
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