Experts had expected 250,000 non-agricultural jobs to be created in July.
(Photo: dpa)
Washington Far more jobs were created on the US labor market in July than expected. Last month, 528,000 new jobs were added, as the government announced in Washington on Friday. Economists polled by Reuters had expected just 250,000, down from a revised 398,000 in June.
The separately calculated unemployment rate fell to 3.6 percent in July from 3.5 percent in June. This means that a level has been reached that probably corresponds to the full employment that the Fed is aiming for.
Fed Chair Jerome Powell sees the robust job market as a sign that the US is not going through a recession, even though gross domestic product has already contracted for two consecutive quarters.
In July, the Federal Reserve raised the key interest rate sharply again in the fight against inflation. It raised it by 0.75 percentage points to a range of 2.25 to 2.50 percent and intends to follow suit in September.
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