Washington: US hiring crashed unexpectedly last month, hitting its lowest level in nearly a decade as small businesses and construction companies shed workers, according to payroll data released Wednesday. The sudden drop in hiring left forecasts in tatters and suggested Friday’s highly anticipated federal jobs report
America’s jobs engine downshifted in August as employers unexpectedly held back hiring across major industries, another sign that the world’s largest economy could be weakening, government data showed on Friday.
The US unemployment rate dropped to near a 50-year low of 3.5% in September, with job growth increasing moderately, suggesting the slowing economy could avoid a recession for now despite trade tensions that are hammering manufacturing.
The Labor Department's closely watched monthly employment report on Friday could bolster economists' dire predictions that it would take several years to recover from the economic meltdown. Consumer confidence, manufacturing and services industries are also stabilizing, though at low levels, hopeful signs that the worst was over.
US consumers continued to spend in July but the gains were much slower than the prior two months amid a surge in coronavirus cases, and confidence remained in a “depressed range,” according to new data released on Friday.
Confirming weekend reports on the closures by Reuters and UK media, the company's statement on Monday spelt out the scale of the job losses, which take in ancillary staff including cleaners and security as well as its own employees.
Trump's statement on Twitter comes as the United States is enduring the greatest crises of a generation: a coronavirus pandemic that has claimed more than 150,000 lives, a crippling recession sparked by the outbreak and nationwide protests against police violence and racism.
German auto-parts maker Continental said on Tuesday that it would expand its vast restructuring programme to affect 30,000 jobs, as the coronavirus pandemic ravages global vehicle production.
Though the $12.8-billion outsourcing behemoth in 2017 committed to hiring 10,000 American workers in two years, it exceeded the target by creating 13,000.