US economy adds 528,000 jobs in July, blowing past expectations

The Labor Department's July jobs report provided a key snapshot of the labor market's health amid growing fears that the U.S. is headed for, or already in, a recession.

U.S. job growth unexpectedly accelerated in July, defying fears of a slowdown in hiring even as the labor market confronts the twin threats of scorching-hot inflation and rising interest rates.

Employers added 528,000 jobs in July, the Labor Department said in its monthly payroll report released Friday, blowing past the 250,000 jobs forecast by Refinitiv economists. The unemployment rate, meanwhile, edged down to 3.5%, the lowest level since the COVID-19 pandemic began more than two years ago.

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