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US adds 1.8 million jobs in a sign that hiring has slowed

US adds 1.8 million jobs in a sign that hiring has slowed
Posted at 8:42 AM, Aug 07, 2020
and last updated 2020-08-07 08:48:34-04

WASHINGTON (AP) — 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.

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.

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.

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.