The U.S. added 1.8 million jobs in July, down from 4.8 million in June, indicating the coronavirus is stalling hiring and slowing an economic rebound.
The United States added 1.8 million jobs in July, a pullback from the gains of May and June and evidence that the resurgent coronavirus is stalling hiring and slowing an economic rebound.
The unemployment rate did decline in July from 11.1% to 10.2%, though that still exceeds the highest rate during the 2008-2009 Great Recession. The economy is struggling to emerge from the devastating recession that caused the economy to shrink at a nearly 33% annual rate in the April-June quarter, the worst quarterly fall on record. Employers slashed their work forces, consumers cut spending and corporations pulled back on investment and expansion.
The Census report isn’t adjusted for seasonal trends, though, and many schools typically cut jobs in the summer, which has led economists to say that the Census figures might be exaggerating the losses.
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