US Job Growth Surges by 530,000, Far Exceeding Expectations... Unemployment Rate at 3.5%

President Joe Biden [Photo by Yonhap News]

[Asia Economy Reporter Kim Daehyun] The U.S. Department of Labor announced on the 5th (local time) that nonfarm payrolls increased by 528,000 in July.

The increase in jobs was higher than the 398,000 in the previous month, exceeding market experts' forecasts by more than twice.

The unemployment rate fell by 0.1 percentage points from the previous month to 3.5%.