added a rip-roaring 528,000 jobs last month in the biggest leap since February.Ī couple of notable data points really laid down a marker for how far we’ve come: (1) The country has now made up the entirety of lost employment when the coronavirus pandemic hit in 2020, and (2) the new unemployment rate of 3.5% beats every month since that recession. The numbers blew past all expectations, as the U.S. WOWZA - This morning, we previewed that economists expected the July jobs report to show a slowing pace of job growth in the neighborhood of a quarter-million new hires, which the Biden administration was already pre-spinning as a “transition” to “stable and steady growth.”
A red-hot labor market indicates that Fed Chair Jerome Powell could face a more difficult path to bring down prices.
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