INFLATION IS ALWAYS AND ONLY A FUNCTION OF WAGE HIKES:

[US] job growth surged in July, as the economy added a surprising 528,000 positions, more than double what economists were expecting, according to official data released Friday.

"Today, the unemployment rate matches the lowest it's been in more than 50 years: 3.5%," Biden said in a White House statement.

"More people are working than at any point in American history ... there's more work to do, but today's jobs report shows we are making significant progress for working families."

The outsized job gain in June was revised higher, as was May -- adding a total 28,000 positions to the initial report, the Labor Department reported.

Meanwhile, the closely-watched report showed wages jumped -- with average hourly earnings up 15 cents over June -- stoking concerns about a possible wage-price spiral. Over the past 12 months, average hourly earnings have increased by 5.2 percent.

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