The economy has officially replaced all the jobs lost during the COVID pandemic!
The July 2022 Jobs Report blew away expectations, adding 528,000 jobs, almost doubling forecasts.
The unemployment rate lowered to 3.5%, matching the historic lows in February of 2022. The average hourly wages rose by 0.5% from June and were up 5.2% over the past year.
The job gains were widespread with healthcare and leisure & hospitality leading the way.
Economists expect the healthy numbers to give The Federal Reserve the room it needs to raise interest rates again in September.
Market Recap Week of 8/01/2022 Through 8/05/2022 – Daily Flash Briefing