A closely watched report released by the Labor Department on Friday showed U.S. employment soared by more than expected in the month of July.
The Labor Department said non-farm payroll employment spiked by 943,000 jobs in July after surging by an upwardly revised 938,000 jobs in June.
Economists had expected employment to jump by 870,000 jobs compared to the addition of 850,000 jobs originally reported for the previous month.
With the stronger than expected job growth, the unemployment rate slid to 5.4 percent in July from 5.9 percent in June, falling to its lowest level since March of 2020.
Economists had expected the unemployment rate to dip to 5.7 percent.