U.S. job growth surged in July, as the economy added a surprising 528,000 positions, defying all expectations of a slowdown, according to official data Friday.
Even the White House had agreed with most economists in predicting the increase would slow to just 250,000 in the month, which President Joe Biden said was part of the natural slowdown after the rapid rebound of the world’s largest economy from the pandemic downturn.
Meanwhile, wages jumped—with average hourly earnings up 15 cents over June—which will surely add to inflation concerns, as the Federal Reserve raises interest rates aggressively to cool the economy amid the highest price gains in more than 40 years.
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