Red-hot US jobs data for July may have calmed concerns about a recession but it also raised the risk of another 75 basis point increase from the Federal Reserve in September.
US employers added 528,000 jobs in July, blowing past all estimates, and the unemployment rate edged down to 3.5 percent, the US Bureau of Labor Statistics said Friday. Leisure and hospitality, professional and business services, and healthcare saw the most job growth overall. The unemployment rate and total nonfarm employment both reached their pre-pandemic levels of February 2020.
