A blowout US jobs report for July means the Federal Reserve will need to keep going with the most aggressive rate hikes in decades to curb demand and inflation. US employers added 528,000 jobs last month, more than all estimates, the unemployment rate fell to a five-decade low of 3.5%, and wage growth accelerated, the Labor Department said. The data add impetus for the Federal Open Market Committee to raise interest rates by 75 basis points when it meets in September, matching the moves it made in June and July as it works to cool an inflation rate that’s running at a 40-year high. The strong momentum could also suggest the central bank will need to keep rates higher for longer, contrar
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