Jobs Report Much Stronger Than Expected

The new jobs report is out, and it shows that the labor market is still booming:

• Jobs: Employers added 528,000 jobs in July, far above expectations of 258,000, reports CNBC. The leisure and hospitality sector added the most (96,000), followed by health care (70,000).
• Rate: The unemployment rate dropped to 3.5%, near historic lows. It had been at 3.6% for four straight months, per CNN.
• Milestone: The new numbers mean that payrolls are now back at their pre-pandemic levels, reports the Wall Street Journal.
• Good news, bad news: Hourly earnings jumped 0.5% in July and are now up 5.2% compared to last year. But good news for individual workers has investors worried about inflation, notes CNBC. Dow futures slid more than 100 points on the jobs report because the Fed will likely continue its aggressive rate hikes to try to keep it in check.

(More unemployment stories.)