US NFP grew 528k in Jul, unemployment rate down to 3.5%, strong wage growth

US non-farm payroll employment grew strongly by 528k in July, well above expectation of 250k. That’s also much higher than the average gain of 388k over the prior 4 months. Total non-farm employment has also reached its pre-pandemic level. Unemployment rate dropped from 3.6% to 3.5%, better than expectation of 3.6%. Participation rate dropped -0.1% […]

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