Bombshell Jobs Report: All Pandemic Jobs Lost Restored, Flipping Recession Script And Fueling Inflation, Fed Fears

The SPDR S&P 500 ETF Trust (NYSE:SPY) traded lower by 0.8% Friday morning after the Labor Department reported encouraging U.S. jobs market numbers from July.

• The U.S. added 528,000 jobs in July, beating consensus economist estimates of 258,000 jobs. 
• The U.S. unemployment rate dropped from 3.6% to 3.5%, returning to its pre-COVID pandemic level. 
• The labor participation rate dropped 0.1% to 62.1% and remains below its 63.4% pre-pandemic rate in February 2020.
• Wages were up 5.2% from a year ago and by 0.5% from June.