The U.S. labor market remained red-hot in July despite expectations job growth would cool as tighter monetary conditions and company layoffs stoked fears of a recession.
July’s report marked a sharp jump from the prior month, which saw payrolls rise by 398,000. June’s figure was upwardly revised from the 372,000 initially reported.
The unemployment rate ticked back down to 3.5% in July, matching the level seen in February 2020, just before the coronavirus pandemic upended the U.S. and global economies.
James L. Perry, Senior Vice President & Partner at Arbor Research, runs through the July jobs numbers