Sherlock's, a pub in Addison, Texas, has a sign out front that reads, "Now Hiring", Friday, June 26, 2020. (AP Photo/Tony Gutierrez)
By Christopher Rugaber
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.
With confirmed viral cases still elevated in much of the nation and businesses under continued pressure, many employers appear reluctant or unable to hire. Even counting the hiring of the past three months, the economy has now recovered only about 42% of the 22 million jobs it lost to the pandemic-induced recession, according to the Labor Department’s jobs report released Friday.
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 acceleration of the viral outbreak that began in late June more than doubled the daily U.S. confirmed case count by mid-July, though the rate of new reported cases has since declined. The outbreaks have led many states and cities to close bars and other businesses for a second time and have dampened confidence, causing many consumers to continue limiting their shopping, traveling, eating out and gathering in crowds.
July’s job gain was much lower than June’s 4.8 million and May’s 2.7 million jobs, both of which were revised slightly.
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 economy has since started to grow again, and many economists have forecast a solid rebound in the July-September quarter, though not nearly enough to offset the second quarter’s dizzying fall.
April's release of the monthly Housing Starts and Building Permits reports by the Census Bureau provides crucial insights into the construction activity in the housing market. These reports are an economic indicator, shedding light on the current state of the housing market and its broader economic impact.
Caitlin Clark is heading to the Indiana Fever, the number one draft pick and the highest-scoring college basketball player of all time. And while she may not be getting millions from the WNBA, there's a few ways she'll net compensation for her generational talents.
Author of 'Clean Meat,' Paul Shapiro joins Cheddar to discuss how the cellular agricultural revolution helps lower rates of foodborne illness and greatly improves environmental sustainability. Plus, how his company The Better Meat Co. is bringing healthier food options to the table.
Recent headlines might make it sound like World War III is imminent, but when it comes to your finances, it's not the time to panic. The market is coming off its longest winning streak since 2011.
You may have noticed fewer new venture capital-backed startups (like Airbnb or Uber) lately. The market slowed to a crawl after 2021, but things are expected to take off again in 2025.
Corporate earnings season is underway, that time when companies share their billions in sales or double-digit profits. But the data shows even companies are struggling with high inflation and interest rates.
Boeing continues their terrifying trend of having their planes fall apart mid-flight, inflation — checks notes — is still up and the future of AI looks terrifying. Cheery!
Food waste – uneaten scraps or leftovers sent to landfills – is responsible for 10% of global emissions. Mill, a new product from the co-founder of Nest, thinks technology can play a role in eliminating it.
By the time the 2024 election is over, be prepared to see some form of a recession – but this shouldn’t be as bad as what we experienced in 2020 or 2008.
