fine, despite persistent fears of a recession. the u.s. government released the latest jobs report this morning. and it far exceeded what economists expected. it showed the economy adding 528,000 jobs in july. that s more than double the number analysts expected. on employment, falling to 3.5%. and these numbers present a new complication for the federal reserve, which has been hoping to cool the jobs market, in an effort to bring down inflation. at the same time, senate democrats now poised to pass a massive bill that could impact everything from the price of prescription drugs to the fight against climate change. we re going to have more on that in just a moment. we start first with the strong jobs report and cnn s matt egan is live with us in new york, cnn s john harwood is live at the white house. matt, we ll start with you. break down the numbers for us, tell us what these numbers are showing. jessica, this is a hot jobs market that just defied all expectations but get
and we ll go inside the negotiations. and this cnn exclusive, sources say donald trump s legal team is now talking to the justice department. it signals that there is a big and ugly fight coming over what the former president can shield from federal investigators. but we begin the hour with a wow. the july jobs report gives president biden important economic momentum on employment hitting a 50 year low. 500,000 plus more americans hired just last month. so forget recession talk. at least in the short term. yes, inflation is high, but the recovery is still humming. the economic news caps the giant week for the biden presidency. wins on veterans and a top strike to take a terrorist off the battlefield. and now a leap forward for the democratic agenda. kyrsten sinema, the lone hold out, is today a yes. but we start on the stunning and surprise jobs numbers. matt egan is joining us. tell us more. yeah, this is a blockbuster number. and here is the best part. no one saw it com
For the unemployment rate to drop to 3.5% by the end of next year. that s pretty incredible given the unemployment rate hit nearly 15% by the end of last year. and wall street expects the federal reserve to slow down its bond buying stimulus program. there s reason for cautious optimism because businesses clearly want to hire. this is not a demand issue. there s a record number of job openings. wage growth is growing at the fastest pace in seven months. but there is clearly a supply problem. employers are having trouble finding workers. some have retired, others are demanding higher pay and more flexible work. and parents are still dealing with child care and school headaches. just look at how 309,000 women dropped out of the work force last month alone. employment at schools also unexpectedly declined in
Political rival or to link that to aid in a quid pro quo. the fact that no one, literally no one has reported this just shows you how committed the media are to their empty trump narrative. it is astonishing. these people are deliberately misleading you. they their contempt for trump has destroyed their professional judgment. in a week, when we saw the unemployment rate hit a 50 year low, we were reminded why americans chose donald trump. immigration brought under control. jobs increased. china confronted after decades of sellout and surrender. the democrat obsession is out of touch and decadent. people want substance not scandal. we will explain you the impeachment evidence for his long as this goes on.
Political rival or to link that to aid in a quid pro quo. the fact that no one, literally no one has reported this just shows you how committed the media are to their empty trump narrative. it is astonishing. these people are deliberately misleading you. they their contempt for trump has destroyed their professional judgment. in a week, when we saw the unemployment rate hit a 50 year low, we were reminded why americans chose donald trump. immigration brought under control. jobs increased. china confronted after decades of sellout and surrender. the democrat obsession is out of touch and decadent. people want substance not scandal. we will explain you the impeachment evidence for his long as this goes on.