5 key takeaways from the July jobs report

By KEN SWEET
AP Business Writer

NEW YORK (AP) — July’s jobs report was a stunner, in more ways than one. Despite raging inflation and anxiety about a possible recession, employers created 528,000 jobs last month, more than double market expectations. The job market has now recovered all the jobs lost to the pandemic recession and the unemployment rate is back where it was before the pandemic hit. The report shows that hiring continues at a rapid pace, counter to other signs of a slow down in the U.S. economy. A strong job market probably means the Federal Reserve must continue to aggressively raise interest rates to fight decades-high inflation.