About 528,000 jobs were added to the U.S. economy in July, nearly doubling economist projections, and bringing the unemployment rate down to 3.5 percent.
With the growing job market, and a 5.8 percent growth in hourly wages in July, the Federal Reserve is growing concerned about an increasing inflation rate, according to an Aug. 5 report from Yahoo News.
The job growth was widespread, with the majority of jobs being in leisure and hospitality, business services and healthcare.
"There hasn’t been much of any slowing in the job market. This should dash any concern that the economy is already in recession," Mark Zandi, chief economist at Moody Analytics said in the report.