Surprise! The U.S. sees huge unexpected job growth

Economists were stunned Friday morning after the latest U.S. jobs report showed a massive increase in jobs and a decline in unemployment.

By Meha Ahmad
Fewer jobs were added in June, but the labor market is still tight. A man walks past a “now hiring” sign posted outside of a restaurant in Arlington, Va., last month.
Fewer jobs were added in June, but the labor market is still tight. A man walks past a "now hiring" sign posted outside of a restaurant in Arlington, Va., last month. AFP via Getty Images
Fewer jobs were added in June, but the labor market is still tight. A man walks past a “now hiring” sign posted outside of a restaurant in Arlington, Va., last month.
Fewer jobs were added in June, but the labor market is still tight. A man walks past a "now hiring" sign posted outside of a restaurant in Arlington, Va., last month. AFP via Getty Images

Surprise! The U.S. sees huge unexpected job growth

Economists were stunned Friday morning after the latest U.S. jobs report showed a massive increase in jobs and a decline in unemployment.

By Meha Ahmad
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Employers added more than half a million jobs in July, and the unemployment rate ticked down from 3.6% to 3.5%, according to the latest jobs report out Friday. This surprised many economists, who had been warning of a plunge in job growth and even of a looming recession.

Reset checks in with an expert for the major takeaways from the latest federal data.

GUEST: Diane Swonk, chief economist at KPMG