U.S. unemployment rate dropped by 3.5% as employers hired more than expected in July

Posted on August 16, 2022   |  

• In July, Non-farm payrolls grew by 528,000 jobs, and in June, 398,000 jobs were created instead of the earlier registered 372,000, which is the 19th consecutive month of payroll growth. In June, the unemployment rate was at 3.6%.
• In the first half, the economy contracted 1.3% due to big fluctuations in inventories and the trade deficit linked to complicated global supply chains. 
• At the end of June, there were 10.7 million job openings and 1.8 openings for every unemployed person, which made the labor market tense and is likely to accelerate payroll growth this year.