U.S. job growth forecast to slow sharply in July as COVID-19 cases soar

  • U.S employment growth likely slowed significantly in July amid a resurgence in new COVID-19 infections, which would provide the clearest evidence yet that the economy‚Äôs recovery from the recession caused by the pandemic was faltering.
  • A $600 weekly unemployment benefit supplement expired last Friday, while thousands of businesses have burned through loans offered by the government to help with wages.
  • A labor market relapse would be more bad news for President Donald Trump, who is lagging in opinion polls behind former Vice President Joe Biden, the presumptive Democratic Party nominee for the Nov. 3 election.

(Source: Reuters)