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The economy added a blockbuster 943,000 nonfarm payroll jobs in July, and employment in May and June was revised up by a net 119,000. The unemployment rate dropped 0.5 percentage point to 5.4%, the lowest since February 2020’s 3.5%. Employment in the household survey (different from the survey of payrolls) jumped 1.043 million on the month, unemployment fell 782,000, and the labor force rose 261,000. Average hourly earnings rose 0.3% from June, and the average workweek held unchanged at 34.8 hours.
