U.S. employers added more than double the number of jobs forecast, illustrating rock-solid labor demand that tempers recession worries and suggests the Federal Reserve will press on with steep interest-rate hikes to thwart inflation.
Nonfarm payrolls jumped 528,000 in July, a broad advance that beat all estimates and was the largest in five months, Labor Department data showed Friday. Employment in June was revised up to a 398,000 gain.
The unemployment rate fell to 3.5%, matching a five-decade low. Wage growth accelerated and the labor force participation rate eased.
