Sherlock's, a pub in Addison, Texas, has a sign out front that reads, "Now Hiring", Friday, June 26, 2020. (AP Photo/Tony Gutierrez)
By Christopher Rugaber
The United States added 1.8 million jobs in July, a pullback from the gains of May and June and evidence that the resurgent coronavirus is stalling hiring and slowing an economic rebound.
With confirmed viral cases still elevated in much of the nation and businesses under continued pressure, many employers appear reluctant or unable to hire. Even counting the hiring of the past three months, the economy has now recovered only about 42% of the 22 million jobs it lost to the pandemic-induced recession, according to the Labor Department’s jobs report released Friday.
The unemployment rate did decline in July from 11.1% to 10.2%, though that still exceeds the highest rate during the 2008-2009 Great Recession.
The acceleration of the viral outbreak that began in late June more than doubled the daily U.S. confirmed case count by mid-July, though the rate of new reported cases has since declined. The outbreaks have led many states and cities to close bars and other businesses for a second time and have dampened confidence, causing many consumers to continue limiting their shopping, traveling, eating out and gathering in crowds.
July’s job gain was much lower than June’s 4.8 million and May’s 2.7 million jobs, both of which were revised slightly.
The economy is struggling to emerge from the devastating recession that caused the economy to shrink at a nearly 33% annual rate in the April-June quarter, the worst quarterly fall on record. Employers slashed their work forces, consumers cut spending and corporations pulled back on investment and expansion.
The economy has since started to grow again, and many economists have forecast a solid rebound in the July-September quarter, though not nearly enough to offset the second quarter’s dizzying fall.
The Rev. Al Sharpton is set to lead a protest march on Wall Street to urge corporate America to resist the Trump administration’s campaign to roll back diversity, equity and inclusion initiatives. The New York civil rights leader will join clergy, labor and community leaders Thursday in a demonstration through Manhattan’s Financial District that’s timed with the anniversary of the Civil Rights-era March on Washington in 1963. Sharpton called DEI the “civil rights fight of our generation." He and other Black leaders have called for boycotting American retailers that scaled backed policies and programs aimed at bolstering diversity and reducing discrimination in their ranks.
President Donald Trump's administration last month awarded a $1.2 billion contract to build and operate what's expected to become the nation’s largest immigration detention complex to a tiny Virginia firm with no experience running correction facilities.
Chipmaker Nvidia is poised to release a quarterly report that could provide a better sense of whether the stock market has been riding an overhyped artificial intelligence bubble or is being propelled by a technological boom that’s still gathering momentum.
Cracker Barrel said late Tuesday it’s returning to its old logo after critics — including President Donald Trump — protested the company’s plan to modernize.
Low-value imports are losing their duty-free status in the U.S. this week as part of President Donald Trump's agenda for making the nation less dependent on foreign goods. A widely used customs exemption for international shipments worth $800 or less is set to end starting on Friday. Trump already ended the “de minimis” rule for inexpensive items sent from China and Hong Kong, but having to pay import taxes on small parcels from everywhere else likely will be a big change for some small businesses and online shoppers. Purchases that previously entered the U.S. without needing to clear customs will be subject to the origin country’s tariff rate, which can range from 10% to 50%.
Southwest Airlines will soon require plus-size travelers to pay for an extra seat in advance if they can't fit within the armrests of one seat. This change is part of several updates the airline is making. The new rule starts on Jan. 27, the same day Southwest begins assigning seats. Currently, plus-size passengers can pay for an extra seat in advance and later get a refund, or request a free extra seat at the airport. Under the new policy, refunds are still possible but not guaranteed. Southwest said in a statement it is updating policies to prepare for assigned seating next year.
Cracker Barrel is sticking with its new logo. For now. But the chain is also apologizing to fans who were angered when the change was announced last week.
Elon Musk on Monday targeted Apple and OpenAI in an antitrust lawsuit alleging that the iPhone maker and the ChatGPT maker are teaming up to thwart competition in artificial intelligence.
