US payrolls soar past expectations to ease recession fears

clock •

July US employment figures have come in well ahead of economists' estimates, helping stave off fears of a new US recession, despite a small rise in the unemployment rate to 8.3%.

The US added 163,000 jobs in July, according to the US Bureau of Labor Statistics, easily beating expectations of a 100,000 increase. But that figure, the highest number in five months, was accompanied by a rise in the unemployment rate from 8.2% to 8.3%, while May and June's disappointing employment numbers were revised down by a further 6,000 in total. The rate has been stuck above 8% for the past two years, stifling hopes of a US economy recovery and putting pressure on president Barack Obama as he prepares for his re-election bid this November. Equities added to earlier gains i...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

Fahad Hassan: When good news becomes an inflation problem

Fahad Hassan: When good news becomes an inflation problem

'Markets have been adjusting to the risks through valuations all year'

Fahad Hassan
clock 29 September 2026 • 6 min read
Healey promises 'new age of industrialisation' ahead of Budget

Healey promises 'new age of industrialisation' ahead of Budget

Keeps quiet on personal taxation, pensions or savings at Labour’s conference

Isabel Baxter
clock 28 September 2026 • 2 min read
MPs warn policymakers to stop using OBR as scapegoat for tough fiscal decisions

MPs warn policymakers to stop using OBR as scapegoat for tough fiscal decisions

Treasury Committee report

Jack Roach
clock 23 September 2026 • 2 min read