Survey: US companies cut back sharply on hiring in July
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U.S. businesses sharply reduced hiring last month suggesting that the resurgent viral outbreak this summer slowed the economic recovery as many states closed parts of their economies again and consumers remained cautious about spending.
U.S. firms added just 167,000 jobs in July, payroll processor ADP said Wednesday, far below June’s gain of 4.3 million and May’s increase of 3.3 million. July’s limited hiring means the economy still has 13 million fewer jobs than it did in February, according to ADP, before the viral outbreak intensified.
Hiring collapsed among companies of all sizes and in nearly all industries. A category that mostly includes restaurants, bars and hotels added just 38,000 jobs last month, after gaining more than 3 million in May and June.
