Payroll gains at U.S. companies slowed sharply in July, suggesting higher coronavirus cases are slowing the job market and economic recovery.
Payroll gains at U.S. companies slowed sharply in July, suggesting the pickup in coronavirus cases is putting the brakes on the job market and the economic recovery.
The sharp slowdown in the pace of payroll gains is consistent with other data that show the labor market in danger of regressing after rebounding in the months immediately following the lifting of state lockdowns on businesses. Applications for unemployment benefits have risen for two straight weeks amid a spike in coronavirus cases that has forced some rollbacks in reopening plans.
Stocks climbed for a fourth day. A separate report showed U.S. service industries expanded in July at the fastest pace since February 2019 as the strongest reading yet on orders and a pickup in business activity more than offset a bigger contraction in employment.
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