GOVERNMENT REPORT SERIES
U.S. employers added 528,000 jobs in July, the Labor Department said on Friday, an unexpectedly strong gain that shows the labor market is withstanding the economic impact of higher interest rates, at least so far.
“There’s a feeling that the labor market is moving back into balance,” Jerome H. Powell, the Fed chair, said at his July news conference. “But it’s only the beginning of an adjustment.”
Wage growth climbed more quickly than economists had expected in July
Average hourly earnings climbed by 5.2 percent in the year through July, more than the 4.9 percent forecast by most economists.
Pay gains were up by 5.6 percent in March compared to a year earlier and continues to increase to match higher consumer pricing.
