The deceleration in hiring probably reflects both growing fears about the rapidly spreading Delta variant and difficulties filling vacant positions
US hiring downshifted abruptly in August with the smallest jobs gain in seven months, complicating a potential decision by the US Federal Reserve to begin scaling back monetary support in the coming months.
The median estimate in a Bloomberg survey of economists was for a 733,000 monthly advance in August. The yield on the 10-year treasury note reversed an initial decline. Stock-index futures fluctuated. The surge in infections, which has already curbed consumer activity and disrupted in-person schooling and return-to-office plans, may have led businesses to grow more cautious about hiring and dissuaded some workers from pursuing high-contact employment opportunities.Employment in leisure and hospitality was flat in August, held back by a 42,000 decrease in payrolls at restaurants and bars. Retail trade, construction, government and healthcare employment also declined in August.
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