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July jobs breakdown: Which industries hired the most workers last month?
July jobs report surges past expectations with payrolls jumping by 528,000
FOX Business’ Edward Lawrence breaks down the July jobs report, which indicates 528,000 jobs were added to the U.S. economy.
The U.S. economy added a surprisingly strong number of jobs in July, buoyed by hiring at restaurants and bars, which have been eager to onboard new workers amid a persistent labor shortage.
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.
The U.S. has now replaced all jobs lost during the pandemic.
"The job market is pushing onwards despite a rising tide of recession fears," said Daniel Zhao, senior economist at Glassdoor.
US ECONOMY ADDS 528,000 JOBS IN JULY, BLOWING PAST EXPECTATIONS
"Even as the broader economy shows signs of slowing, the labor market remains a pillar of strength, holding up the economy. As tighter monetary policy bites, the labor market is likely to slow in the coming months. But, for now, the labor market remains red hot, hopefully assuaging recession fears."
Although job gains were broad based last month, the leisure and hospitality industry – one of the hardest-hit sectors during the pandemic – saw the biggest increase with 96,000 jobs added in July. Restaurants and bars saw an increase of 74,100, while arts, entertainment and other recreation-based industries added 21,600 new jobs.