The jobs report for July showed a jump of 528,000 jobs with the unemployment rate dropping to 3.5%, according to the Bureau of Labor Statistics. The agency said that both total non-farm employment and the unemployment rate are back to pre-pandemic levels of February 2020.

Employment keeps surprising to the upside. The June report, which came out in early July, showed a number of new jobs that was 49% higher than expectations. This new report made that look like people were sitting around on their hands.

The July report "was twice consensus expectations," John Lynch, chief investment officer for Comerica Wealth Management, said in written remarks.

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