‘Ain’t no recession’: Economics laud latest jobs report

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Employers in July hired more than double the number of people experts had predicted, 528,000, after many predicted the number to be just 258,000. Unemployment is now at the lowest level in half a century, at 3.5%.

CNBC calls today’s report from the federal government’s Bureau of Labor Statistics “far better than expected, defying signs that the economic recovery is losing steam.”

That was far from the only good news in Friday’s release.

“Wage growth also surged higher, as average hourly earnings jumped 0.5% for the month and 5.2% from the same time a year ago,” CNBC notes. “Despite downbeat expectations, the July gains were the best since February and well ahead of the 388,000 average job gain over the past four months.

“The bureau noted that private sector payrolls are now higher than the February 2020 level, just before the pandemic declaration,” a massive accomplishment, as economists are noting.

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