Warning signs have been flashing for months that the US job market has been losing steam. That became starkly clearer in July, and the early data for August isn't looking much better. New metrics released Thursday showed that first-time claims for unemployment benefits rose to an 11-week high; that private-sector businesses sharply reined in their hiring last month; and that last month was the worst August for layoff announcements since the Great Recession.
"The labor market is showing signs of cracking," Heather Long, Navy Federal Credit Union senior economist, wrote Thursday. "It's not a red siren alarm yet, but the signs keep growing that businesses are starting to cut workers." The latest data tees up an August jobs report that, when released Friday morning, is expected to show another month of tepid job gains. Economists have forecast that the economy added 80,000 jobs last month, which would be a slight increase from the slower-than-expected 73,000 net gain in July.
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