U.S. Job Market Loses Steam; Private Sector Expands Slightly, but Governments Cut Jobs; Treasury Yields Dip
Author: Sudeep Reddy</br></br>The government's latest snapshot of the job market was bleak, a sign the economic recovery is running out of steam with 14.6 million Americans still searching for work.</br></br>Job growth proved anemic in July as governments cut jobs and private-sector employers barely expanded.</br></br>The economy shed 131,000 jobs, as 143,000 temporary Census workers fell off federal payrolls. Private-sector employment grew by 71,000 in July after a downwardly revised 31,000 in June. Government employment, not counting Census workers, fell by 59,000.</br></br>The unemployment rate held steady at 9.5% largely because people gave up hope of finding work and left the labor force.