July Jobs Upside Blowout Signals More Rate Hikes

NEW YORK—July jobs printed at a blowout 528,000 jobs, more than double the consensus estimate of 250,000 jobs.  The unemployment rate was 3.5 percent, down 0.1 percentage point from last month, and also down from last July’s 5.4 percent. The labor force participation rate was 62.1 percent, up from the 61.7 percent that printed in July 2021, but down 10 basis points (bps, defined as 1/100th of a percentage point) from June.  May and June revisions combined to create 28,000 more jobs than previously reported.
We are largely at the same level of jobs that we had prior to the CCP (Chinese Communist Party) virus, but the jobs creation that would have occurred in that period is lost, likely permanently….

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