U.S. economy smashes expectations, adds 255,000 jobs in July

Job outlook is not so grim these days. — (Image credit: iStock)

The U.S. economy added 255,000 jobs in July, the Labor Department reported Friday, smashing economists' expectations of a gain of about 180,000. Also, June's gains were upgraded to 292,000 from 287,000, and May's dismal 11,000-job gain was upped to 24,000. Wages also rose. The unemployment rate remained unchanged at 4.9 percent. U.S. stock futures added to earlier gains after the second strong jobs report in a row eased fears that the slow, seven-year economic recovery was in trouble.

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Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.