US adds 528,000 jobs in July despite recession concerns

The US added 528,000 jobs in July, according to the US non-farm payroll report released today.

Meanwhile, the unemployment rate fell to 3.5% across the country, coming in below the 3.6% market estimate.

The Bureau of Labour Statistics also revised the growth in June to 398,000 payrolls from 372,000 and updated May’s results to 386,000 jobs from 384,000.

The soaring results appeared to defy recession concerns and rising interest rates, with the employment figures smashing expectations despite the volatile macro-economic environment.