Employment Update

US Employment: Jobs Stronger than Expected in July

  • A stronger-than-expected 528,000 jobs added in July
  • Unemployment edges down to 3.5%
  • Supports continued tightening by the Fed
Written by Philip Rich, Chief Investment Officer,  August 8, 2022.

Employment Surprises to the Upside

  • Payroll gains surprise to the upside with 528,000 jobs added in July
  • Largest monthly gain in 2022 so far
  • Total US employment now essentially back to pre-pandemic levels
  • Job adds were widespread, led by leisure & hospitality, business services, and healthcare
  • Wage growth over the past 12 months was 5.2%
  • Labor force participation was little changed, but still below pre-pandemic

The overall strength of US employment will do nothing to dissuade the Federal Reserve from its present path of increasing rates and tightening monetary conditions. Wage pressures appear unchanged from the prior month in this report. The economy continues to be defined by somewhat mixed signals. Activity data such as new orders indicate a slowdown; employment and wages continue to be very strong. Leading indicators are trending down while lagging and coincident indicators remain strong.

Source: U.S. Bureau of Labor Statistics, fred.stlouisfed.org

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Nora Bagby

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Ben Johnson, CFA

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Adam Martin, CFA

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Philip Rich

Chief Investment Officer

This information is for informational purposes only and does not constitute investment advice.


  • GDP – Bureau of Economic Analysis
                            Employment & Inflation – Bureau of Labor Statistics
                            Interest Rates – Federal Reserve
                            P/E S&P 500 – multpl.com
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