The job market recovery from the coronavirus recession is faltering as the U.S. braces for a steep decline in fiscal support from Congress despite the burgeoning pandemic.
As the rapid spread of the novel coronavirus smothers economic activity across the U.S., two months of stellar job gains have begun to slip and lawmakers remain far apart on a new round of federal aid.
The Friday lapses of a $600 weekly boost to jobless benefits and a national eviction ban bode poorly for the growing number of Americans seeking unemployment aid.
New weekly applications for unemployment insurance increased last week for the first time since March, according to the Labor Department, and the number of employed Americans declined by 4.1 million between the first and second weeks of this month, according to weekly Census Bureau data released Thursday.
Those dire signs of deepening economic damage could spell trouble for the July jobs report, which some economists fear will show the first net decline in U.S. employment since April.
Read more at The Hill.