Payrolls rose 528,000 in July, better than expected in a sign of strength for the jobs market

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Non-farm payrolls rose 528,000 for the month and the unemployment rate stood at 3.5%, topping Dow Jones estimates of 258,000 and 3.6%, respectively.

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Wage growth also rose higher, as median hourly earnings rose 0.5% for the month and 5.2% from a year earlier, higher than estimates.

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Traders are now pricing in a high probability of a 0.75 percent hike for the next Federal Reserve meeting in September.

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The Bureau of Labor Statistics reported Friday that hiring in July was better than expected, defying signs of slowing economic recovery.

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Non-farm payrolls rose 528,000 for the month and the unemployment rate stood at 3.5%, topping Dow Jones estimates of 258,000 and 3.6%, respectively.

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The unemployment rate is now back to its pre-pandemic level and the lowest level since 1969.

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Wage growth rose even more, as average hourly earnings jumped 0.5% for the month and 5.2% from the same time a year ago.

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