Economy Adds 1.8 Million Jobs; Unemployment At 10.2 Percent

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The U.S. gained 1.8 million jobs in July as rising coronavirus cases across much of the country hindered the economic rebound from the first wave of the pandemic, the Labor Department reported Friday.

The unemployment rate fell to 10.2 percent in July from 11.1 percent in June, according to the July jobs report, as the pace of the labor market recovery slowed due to surging cases and fading fiscal stimulus. But July’s gains were far less than the the increases of 4.8 million in June and 2.7 million in May, leaving 10.6 million people who lost their jobs during the onset of the pandemic still searching for work.

Read more at The Hill.

{Matzav.com}

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