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Great US job numbers for July indicate economy is roaring back to life

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The U.S. economy is roaring back. For the second month straight, businesses added more jobs than expected.

According to the U.S. Bureau of Labor Statistics, employers added 255,000 jobs in July despite analysts expecting around 180,000 jobs.

The unemployment rate remained unchanged from last month at 4.9 percent, meaning more Americans began looking for jobs and were hired.

Hourly wages also picked up. They have risen 2.6 percent in the last year.

Meanwhile, the gig economy is still being somewhat left out of the tally.

Independent workers make up about 40 million people in the U.S., Business Insider reports citing MBO Partners data. Gig workers are people who are doing on-demand work through companies such as Airbnb or Lyft, and then also people who are working side jobs.

Business Insider also explains that BLS has in the past counted these workers, but funding has run dry in recent years, so it hasn't been able to do so since 2005.

With more and more young professionals looking to flexible work opportunities and picking up side hustles, the way we review the job market's health could evolve.

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