On the surface, gaining nearly 1.8 million jobs in a month would seem to be good news. But that’s way down from last month’s 4.8 million jobs added, and economists are concerned. NBC News writes:
“While the numbers were better than expected, the bleak data adds to economists’ fears that the labor market recovery is flagging, as the coronavirus pandemic continues to sweep through large swaths of the country.
“We are seeing evidence that the economic recovery is losing steam. It’s not reversing, but it looks like growth is flattening out,” said Daniel Zhao, senior economist at Glassdoor. “It seems like the recovery has slowed down and appears to be getting stuck in the doldrums.”
The unemployment rate fell to 10.2%. The Washington Post adds:
“The job additions were sizable, but there are signs that the labor market recovery is cooling. In June, the economy added back 4.8 million jobs. In July, the number of coronavirus cases began surging and some employers either paused hiring or – in some cases – laid off workers for a second time.“
Meanwhile, CNN writes, some employees have been let go for a second time: “A survey from Cornell University showed that 31% of workers who were recently rehired have lost their jobs for a second time during the pandemic. Another 26% have been told that they might get laid off again.”
