U.S. private employers hired fewer workers than expected for a second straight month in August, suggesting that the labor market recovery was slowing as the COVID-19 pandemic drags and government money to support workers and employers dries up. Large businesses accounted for the bulk of the job gains shown in the ADP National Employment Report on Wednesday, with small enterprises posting a modest increase. A $600 weekly unemployment supplement expired on July 31, while a program that gave businesses loans that can be partially forgiven if used for employee pay has also lapsed. “The recovery in jobs lost in this pandemic recession was always a weak one,” said Chris Rupkey, chief economist at MUFG in New York. “But for a second month in a row it is looking like the jobs are not going to come back unless there is more stimulus from Washington to bolster […]

Posted in: USA