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July Jobs Upside Blowout Signals More Rate Hikes

July Jobs Upside Blowout Signals More Rate Hikes
A "We're hiring" sign hangs on the wall of a Target store in Miami, Fla., on Dec. 3, 2021. Joe Raedle/Getty Images
J.G. Collins
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Commentary
NEW YORK—July jobs printed at a blowout 528,000 jobs, more than double the consensus estimate of 250,000 jobs. The unemployment rate was 3.5 percent, down 0.1 percentage point from last month, and also down from last July’s 5.4 percent. The labor force participation rate was 62.1 percent, up from the 61.7 percent that printed in July 2021, but down 10 basis points (bps, defined as 1/100th of a percentage point) from June. May and June revisions combined to create 28,000 more jobs than previously reported.
J.G. Collins
J.G. Collins
Author
J.G. Collins is managing director of the Stuyvesant Square Consultancy, a strategic advisory, market survey, and consulting firm in New York. His writings on economics, trade, politics, and public policy have appeared in Forbes, the New York Post, Crain’s New York Business, The Hill, The American Conservative, and other publications.
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