“Unemployment Rises in Almost Half of Largest Metro Cities”
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Today’s USA Today reports on the summer’s dismal hiring lapse in large metro areas, and points to business’ uncertainty about the future as a key culprit.
The unemployment rate rose in nearly half of the nation’s 372 largest metro areas in July, as the pace of hiring slowed from earlier this year.
Hiring has slowed nationwide, as businesses are increasingly unwilling to add workers, even as their profits and cash piles grow. Many economists say business executives are holding back until there is more clarity about the economic outlook.
The economy is barely growing and economists worry it won’t expand fast enough to bring down the 9.5% national unemployment rate. On Friday, the government is expected to say that private employers added only 41,000 jobs in August, down from 71,000 the previous month.
Note: Be sure to check back tomorrow morning for our quick breakdown of the Bureau of Labor Statistic’s monthly jobs report.