WASHINGTON (USMarketWire) – U.S. job growth likely to slow down further in August as the long run, financial assistance from the government ran out, that is also threatening the economy’s recovery from the COVID-19 recession.
Friday’s Jobs report provides some of the first clear data on the state of the economy as emergency federal spending winds down.
The economists warn that without a $600 weekly supplement to unemployment benefits, which expired at the end of July, would effect the millions of families, will struggle to pay rent and buy food, reining in the broader
“The pandemic has really torn our economic and social fabric,” said Sung Won Sohn, a finance and economics professor at Loyola Marymount University in Los Angeles. “The ending of the fiscal stimulus has not helped the situation.”
The employment would still be about 11.5 million, that is still below its pre-pandemic level. Most of the job gains have been workers being recalled from furloughs or temporary layoffs. Though new COVID-19 infections have subsided after a broad resurgence through the summer, many hot spots remain in place.
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