A couple of quotes:
- In addition to July's robust payroll gains, average hourly earnings rose 15 cents to $32.27, pushing the annual increase from 5.1% to 5.2% and threatening to intensify inflation pressures.
- Inflation hit a 40-year high of 9.1% in June. The higher prices and borrowing costs have led consumers and businesses to slow spending and have stoked recession fears.
Read the entire article here: Economy adds 528,000 jobs in July as hiring surges despite high inflation. US recovers all jobs lost in COVID
