The pace of hiring unexpectedly surged last month, as the U.S. job market showed surprising strength in the face of high inflation and softening economic activity.
Employers added 528,000 jobs in July according to the Labor Department — a significant acceleration from the previous month.
Job gains for May and June were also revised upwards by a total of 28,000 jobs, while the unemployment rate fell to 3.5%, matching its lowest level in decades.
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