Data is the clearest evidence that the US economy’s recovery from the recession is faltering.
A"Now Hiring" sign advertising jobs at a hand car wash is seen along a street, as the spread of the coronavirus disease Covid-19 continues in Miami, Florida, US, in this May 8 2020 file photo. Picture: REUTERS/Marco BelloUS employment growth slowed considerably in July amid a resurgence in new Covid-19 infections, offering the clearest evidence yet that the economy’s recovery from the recession caused by the pandemic was faltering.
“The steam has gone out of the engine and the economy is beginning to slow,” said Sung Won Sohn, a finance and economics professor at Loyola Marymount University in Los Angeles. “The loss of momentum will continue and my concern is that the combination of the virus resurgence and lack of action by Congress could really push employment into negative territory.”
A $600 weekly unemployment benefit supplement expired last Friday, while thousands of businesses have burnt through loans offered by the government to help with wages.
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