July hiring figures nationally took a sharp upward turn compared to June, according to U.S. Labor Department figures released Friday. The U.S. economy added 528,000 non-farm jobs last month, compared to 398,000 in June.
Yahoo Finance compared July’s actual figures to the consensus estimates of economists compiled by Bloomberg. Economists had expected 250,000 jobs to be added, or less than half July’s tally. Figures for the unemployment rate (3.5% vs. estimates of 3.6%), monthly growth in average hourly earnings and year-over-year growth of average hourly earnings also exceeded expectations.
“The July employment report was an absolute knock-out, a major upside surprise relative to my expectations and indeed much of the labor market data released up to this point,” Renaissance Macro Research head of U.S. economics Neil Dutta said in a note. “Talk of recession and a monetary policy pivot is premature.”
He added, though, “That said, this jobs report is consistent with an inflationary boom. The Fed has a lot more work to do and in an odd way, that the Fed needs to get more aggressive in pushing up rates, makes the hard-landing scenario more likely.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).