U.S. Nonfarm Payrolls Soar 528,000 in July By

© Reuters.

By Scott Kanowsky 

-- U.S. job growth unexpectedly accelerated in July, running counter to concerns that soaring price inflation and surging interest rates are hitting labor demand in the world's largest economy.

According to the Labor Department, non-farm payrolls rose by 528,000 during the month versus the revised figure of 398,000 in June.

Analysts had expected the reading to slide to 250,000.The unemployment rate also ticked slightly lower to 3.5%.

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