July jobs report shows slowing momentum with unemployment rate higher than during 2008 financial crash

July jobs report shows slowing momentum with unemployment rate higher than during 2008 financial crash

August 7, 2020

A JOBS report shows momentum slowing down as the unemployment rate is now higher than the 2008 financial crisis.

According to the US Bureau of Labor Statistics, the number of US jobs rose by 1.8million last month, as opposed to the 1.48million that was expected.

Per an economic summary from the bureau, the unemployment
rate fell from 11.1 percent to 10.2 percent.

Notable job gains occured in the leisure and hospitality, government, retail trade, professional and business services, and health care sectors.

The numbers show a drop from gains made in May and June, and show that coronavirus is stalling hiring and slowing an economic rebound in the US.

On Thursday, the Department of Labor announced that 1.2million new unemployment claims were filed for the week ending August 1, a decrease of 249,000 from the previous week.

More to follow…

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