Hiring in the U.S. slowed significantly last month, with information and financial sectors registering job losses.
The information services sector was a notable weak spot for July, posting a job loss of 20,000.
Professional and business services and financial activities experienced payroll declines of 1,000 and 4,000, respectively.
"These sectors are known for creating higher-wage, higher-quality jobs," said Julia Pollak, chief economist at ZipRecruiter.
Further deterioration could set off a negative cycle of job losses, consumer spending declines, business revenue declines and more job cuts."
Persons:
Julia Pollak
Locations:
Manhattan, New York City, U.S