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3.5%. now, strictly in terms of number, this means the u.s. economy has recovered all the jobs it lost during the pandemic. and july's unemployment rate matches the 50-year low we were at when the pandemic started. and yet the dow industrials, s&p 500, and nasdaq spent much of the day in red. let's bring in matt egan. first of all, take us through job numbers. why were economists predicting worse than we saw? >> this was a shocker. everyone expected that it would cool off. instead it heated up. this 528,000 jobs added didn't just beat expectations. it crushed it. it was 200,000 jobs more than ...

Beijing has stopped cooperation with the u.s. on military operations and climate change. meanwhile, russia indicates it is ready to discuss a prisoner swap, one day after a court sentenced brittney griner to nine years in prison. we begin with the increasingly complicated state of the u.s. economy, after a string of not so great data on economic growth, inflation, and consumer sentiment. a sign that things may not be as bad as many think. the government says employers added 528,000 jobs in july, more than double what experts had predicted. the unemployment rate fell slightly to 3.5%, and whe...

This just in, the latest highly anticipated jobs report, joining us to help us break it all down, cnn business correspondent rahel solomon. >> hard to believe, but the u.s. economy added 528,000 jobs in july. to put that in perspective, that's twice what economists were expecting. they were expecting 250, so the labor market still red hot, not showing any signs of slowing down. when we look at the unemployment rate, that ticked lower to 3.5%. that is tieing a 50-year low. when we look at where we're seeing the jobs, broad based, widespread. leisure and hospitality posting the highest number, 9...

That's millions of families with the dignity and peace of mind that a paycheck provides. he goes on to say there's more work to do, but today's jobs report shows we are, quote, making significant progress for working families. with us now to talk about this is cnbc senior analyst and commentator and senior adviser. it's always a pleasure to see you and on these days break down exactly what this news is. 528,000 is a huge number. >> it is. a good report and prior months were revised upwards. so the economy from a labor market perspective is still quite strong. the unemployment rate, as you poin...

29 past the hour. turning to our top story this morning, the labor department says employers added 528,000 new jobs last month, more than double what had been expected. the general unemployment rate fell slightly to 3.5%. with us now to take a closer look is u.s. labor secretary, marty walsh. always a pleasure to see you. give us your perspective of what these numbers mean for the u.s. job market. >> well, certainly it's a good, strong month. when you look at the overall picture from the day president biden took office until today, all the jobs that were lost at the beginning days of the pande...