8/5/2022, 2:31 PM (Source: TeleTrader)
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US nonfarm payrolls up 528,000 in July, double the estimate

Total nonfarm payroll employment in the United States surged by 528,000 in July, more than double the estimated 250,000 and significantly larger than the average monthly gain in recent months, according to a report published by the Labor Statistics Bureau on Friday, with the unemployment rate sliding to 3.5% to land at a nearly 50-year low. The nonfarm payroll increase was led by gains in leisure and hospitality, professional and business services, as well as healthcare.

The number of unemployed Americans declined to 5.7 million, returning to the level prior to the coronavirus pandemic, with the largest change registered among adult women and Whites. The number of permanent job losers, on the other hand, declined by 129,000 to 1.2 million last month, while the number of persons on temporary layoff was unchanged at 791,000. The long-term unemployed accounted for 18.9% of the total unemployed.

Baha Breaking News (BBN) / ND