Economic Buzz: US Unemployment Rate Falls In July

8 Aug 2022 , 09:22 AM

Employment in the U.S. jumped by much more than expected in the month of July, according to a closely watched report released by the Labor Department. The report showed non-farm payroll employment spiked by 528,000 jobs in July after surging by an upwardly revised 398,000 jobs in June. The Labor Department said job growth was widespread, led by gains in the leisure and hospitality, professional and business services, and healthcare sectors. The report showed the unemployment rate unexpectedly edged down to 3.5 percent in July from 3.6 percent in June. With the unexpected decrease, the unemployment rate fell to its lowest level since hitting a matching rate in February of 2020, just before Covid-19 lockdowns began to take effect in the U.S. The average hourly earnings rose by $0.15 or 0.5 percent to $32.27 in July. The annual rate of wage growth was unchanged at 5.2 percent. Powered by Commodity Insights