Money | unemployment Jobs Report Much Stronger Than Expected Employers added 528K positions, far above estimates By John Johnson Posted Aug 5, 2022 8:00 AM CDT Copied A hiring sign is displayed at a restaurant in Schaumburg, Ill., in this file photo. (AP Photo/Nam Y. Huh, File) The new jobs report is out, and it shows that the labor market is still booming: Jobs: Employers added 528,000 jobs in July, far above expectations of 258,000, reports CNBC. The leisure and hospitality sector added the most (96,000), followed by health care (70,000). Rate: The unemployment rate dropped to 3.5%, near historic lows. It had been at 3.6% for four straight months, per CNN. Milestone: The new numbers mean that payrolls are now back at their pre-pandemic levels, reports the Wall Street Journal. Good news, bad news: Hourly earnings jumped 0.5% in July and are now up 5.2% compared to last year. But good news for individual workers has investors worried about inflation, notes CNBC. Dow futures slid more than 100 points on the jobs report because the Fed will likely continue its aggressive rate hikes to try to keep it in check. Read These Next Andrew Windsor has an uncertain future as a commoner. Man wakes from coma, says girlfriend crashed car on purpose. Two federal judges order the White House to keep funding food stamps. Kid Rock has added the R-word to the list of slurs he still uses. Get breaking news in your inbox. What you need to know, as soon as we know it. Sign up Report an error