U.S. Employers Added 528,000 Jobs in July; Unemployment Falls To 3.5%

Economists had expected only 250,000 new jobs in the monthly jobs report for July.

America's hiring boom continued last month as employers added a surprising 528,000 jobs despite raging inflation and rising anxiety about a recession.

July's hiring was up from 398,000 in June. The unemployment rate declined slightly to 3.5%.

The U.S. economy shrank in the first two quarters of 2022 — an informal definition of recession. But most economists believe the strong jobs market has kept the economy from slipping into a downturn.