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US Economy Adds 528,000 Jobs in July, Surpassing Estimates

by Andrew Moran

The U.S. economy added 528,000 new jobs in July, topping the market estimate of 250,000, according to the Bureau of Labor Statistics (BLS).

The unemployment rate dipped to 3.5 percent, down from 3.6 percent in June. The labor force participation rate slipped to 62.1 percent

Average hourly earnings rose 0.5 percent month-over-month and 5.2 percent year-over-year. Both readings were higher than economists’ expectations of 0.3 percent and 4.9 percent, respectively. Average weekly hours also edged up to 34.6.

Employment growth was broad-based in July, led by notable gains in leisure and hospitality (96,000), professional and business services (89,000), and health care (70,000)…

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