A blowout U.S. jobs report for July means the Federal Reserve will probably need to keep going with the most aggressive interest-rate hikes in decades to curb demand and inflation, according to economists.

U.S. employers added 528,000 jobs last month, more than all estimates; the unemployment rate fell to a five-decade low of 3.5 percent; and wage growth accelerated, the Labor Department said.

"The good news is [that] people can get jobs; the bad news is that inflation remains too high, and our number-one priority is to get that down," San Francisco Fed President Mary Daly said Friday on Fox News.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.