{"id":610732,"date":"2021-08-04T10:21:33","date_gmt":"2021-08-04T14:21:33","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=610732"},"modified":"2021-08-04T10:21:35","modified_gmt":"2021-08-04T14:21:35","slug":"us-economy-added-only-half-as-many-jobs-as-expected-in-july","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-economy-added-only-half-as-many-jobs-as-expected-in-july\/","title":{"rendered":"US Economy Added Only Half As Many Jobs As Expected In July"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fus-economy-added-only-half-as-many-jobs-as-expected-in-july%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=610732&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/08\/854EC8E0-6F4B-4F17-9A7D-34B4334A0341_1_201_a.jpeg?w=1200&amp;h=800&amp;ixlib=react-9.0.3\" class=\"ff-og-image-inserted\" \/><\/div>\n<p><span>The United States economy added half as many jobs as expected during the month of July.<\/span><\/p>\n<p><span>According to a <\/span><a href=\"https:\/\/adpemploymentreport.com\/2021\/July\/NER\/docs\/ADP-NATIONAL-EMPLOYMENT-REPORT-July2021-Final-Press-Release.pdf\"><span>report<\/span><\/a><span> from ADP Research Institute and Moody\u2019s Analytics, private sector employment growth saw a substantial dip from its June levels.<\/span><\/p>\n<p><a href=\"https:\/\/www.cnbc.com\/2021\/08\/04\/private-companies-added-330000-jobs-in-july-according-to-adp-far-short-of-the-653000-estimate.html\"><span>CNBC<\/span><\/a><span> summarizes:<\/span><\/p>\n<blockquote readability=\"16\">\n<p><i><span>Employers added 330,000 positions for the month, a sharp deceleration from the downwardly revised 680,000 in June. It\u2019s also well below the 653,000 Dow Jones estimate. June\u2019s final total fell from the initial estimate of 692,000.<\/span><\/i><\/p>\n<p><i><span>Markets fell after the report, with Dow futures down nearly 120 points and most government bond yields pulling back.<\/span><\/i><\/p>\n<\/blockquote>\n<p><span>The report explains that leisure and hospitality \u2014 which added 139,000 positions \u2014 drove much of July\u2019s growth. Franchise employment also rose by 105,400.<\/span><\/p>\n<p><span>\u201cThe labor market recovery continues to exhibit uneven progress, but progress nonetheless,\u201d said ADP chief economist Nela Richardson as quoted by CNBC. \u201cJuly payroll data reports a marked slowdown from the second quarter pace in jobs growth.\u201d<\/span><\/p>\n<p><span>\u201cBottlenecks in hiring continue to hold back stronger gains, particularly in light of new COVID-19 concerns tied to viral variants,\u201d she added. \u201cThese barriers should ebb in coming months, with stronger monthly gains ahead as a result.\u201d<\/span><\/p>\n<p><span>The report comes as the United States labor market continues to experience distortions following COVID-19 and the lockdown-induced recession.<\/span><\/p>\n<p><span>As <\/span><a href=\"https:\/\/www.dailywire.com\/news\/report-1-8-million-americans-have-turned-down-jobs-to-stay-on-unemployment\"><span>The Daily Wire<\/span><\/a><span> has previously reported, President Biden\u2019s American Rescue Plan extended $300-per-month federal unemployment insurance payments through September. A recent Morning Consult poll found that 13% of respondents said that they had turned down job offers while unemployed because they \u201creceive enough money from unemployment insurance without having to work.\u201d Since 14.1 million adults were receiving benefits at the time, Morning Consult concluded that roughly 1.8 million Americans have turned down jobs due to the handouts.<\/span><\/p>\n<p><span>Twenty-six states \u2014 all but one of which are led by Republicans \u2014 have therefore opted out of the program, citing concerns from local small businessowners about their difficulties in hiring new workers despite a record number of job openings.<\/span><\/p>\n<p><span>The Federal Reserve\u2019s most recent semiannual <\/span><a href=\"https:\/\/www.dailywire.com\/news\/fed-report-to-congress-says-enhanced-federal-unemployment-handouts-are-restricting-growth\"><span>report<\/span><\/a><span> to Congress pointed to the federal unemployment handouts as a leading cause of labor market distortions:<\/span><\/p>\n<blockquote readability=\"12\">\n<p><i><span>With economic activity rebounding, labor demand rose briskly in the spring, while the supply of labor struggled to keep up. Employers reported widespread hiring difficulties, job openings jumped to about 30 percent above the average level for 2019, and the ratio of job openings to job seekers surged\u2026 enhanced unemployment benefits have allowed potential workers to be more selective and reduce the intensity of their job search.<\/span><\/i><\/p>\n<\/blockquote>\n<p><span>Citizens in states that have prematurely <\/span><a href=\"https:\/\/www.dailywire.com\/news\/florida-residents-angry-state-cut-off-unemployment-sue-ron-desantis-to-keep-federal-checks-coming\"><span>opted<\/span><\/a><span> to exit the enhanced payment program \u2014 such as Florida, Texas, Indiana, and Maryland \u2014 are now filing suit against their governors in the interest of continuing to receive handouts.<\/span><\/p>\n<p><i><span>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <\/span><\/i><a href=\"http:\/\/dailywire.com\/subscribe\"><i><span>member<\/span><\/i><\/a><i><span>.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The United States economy added half as many jobs as expected during the month of July.According to a report from ADP Research Institute and Moody\u2019s Analytics, private sector employment growth &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-610732","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/610732","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=610732"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/610732\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=610732"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=610732"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=610732"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}