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August 6, 2020

Sharp cut in new hires for July

WASHINGTON, D.C. (AP) — U.S. businesses sharply reduced hiring last month suggesting that the resurgent viral outbreak this summer slowed the economic recovery as many states closed parts of their economies again and consumers remained cautious about spending.

U.S. firms added just 167,000 jobs in July, payroll processor ADP said Wednesday, far below June's gain of 4.3 million and May's increase of 3.3 million. July's limited hiring means the economy still has 13 million fewer jobs than it did in February, according to ADP, before the viral outbreak intensified.


 
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