Payrolls rise 164,000 as labor force sets a record high

The unemployment rate remained at 3.7% in July amid a sharp jump in the size of the labor force to its highest level ever.

Payroll growth rose in line with expectations in July and the unemployment rate remained at 3.7% amid a sharp jump in the size of the labor force to its highest level ever.

Wages also continued to increase, with the 3.2% year-over-year gain topping expectations by one-tenth of a percentage point. Average weekly hours edged lower to 34.3. While the numbers reflected a jobs market that continues to edge to full employment, the data also showed that companies are continuing to hire despite persistent fears of a broader economic slowdown.

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