JUST IN: U.S. unemployment rate dropped to 10.2% in July, falling slightly below June's 11.1%, according to the Bureau of Labor Statistics.
Economists expect the U.S. economy gained 1.5 million jobs in July, and that the unemployment rate fell to 10.6%rate dropped to 10.2% in July, falling slightly below June's 11.1%, according to the Bureau of Labor Statistics.
Leisure and hospitality saw the largest gains out of the sectors which added jobs, with employment increasing by 592,000. People wait to speak with representatives from the Oklahoma Employment Security Commission about unemployment claims, July 9, 2020, in Midwest City, Okla.
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Survey: US companies cut back sharply on hiring in JulyU.S. businesses sharply reduced hiring last month, suggesting that the resurgent viral outbreak has slowed the economic recovery. Firms added just 167,000 jobs in July, payroll processor ADP says, far below June’s gain of 4.3 million.
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Job cuts announced by U.S. companies jump 54% in July: reportU.S. employers announced another 262,649 job cuts in July as the COVID-19 pandemic continued to weigh on demand, the latest indication that the labor market recovery is losing steam.
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U.S. hiring slowed in July as coronavirus cases surged, report saysPayroll gains at U.S. companies slowed sharply in July, suggesting higher coronavirus cases are slowing the job market and economic recovery.
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