The U.S. added 1.8 million jobs last month, while the unemployment rate fell to 10.2% from 11.1% in June, the Labor Department said on Friday.
Why it matters: The pace of job growth slowed significantly, suggesting a stalled recovery as coronavirus cases surged and states pulled back on reopening plans.
The big picture: Private sector data — including credit and debit card spending and other indicators — pointed to signs of a hiring slowdown after June’s 4.8 million job gain.
- There was a rush of hiring after initial lockdown orders were lifted, but the U.S. labor market remains in the hole: roughly 21 million jobs were lost between March and April.