US job market recovery appears to be slowing, services sector rising ahead


US private employers hired far fewer workers than expected in July as companies exhausted loans to help with wages and new Covid-19 infections flared up across the country, supporting the view that the nascent economic recovery was faltering. While other data on Wednesday showed activity in the vast services sector gained momentum in July as new orders raced to a record high, hiring declined.

The reports, together with a recent rise in applications for unemployment benefits, suggest job growth pulled back sharply in July. The Labor Department.

This article is no longer available in our repository.

There could be multiple reasons for this.