The Labor Department will report Friday morning on how many jobs the economy created in July, as the United States climbs back from the depths of the pandemic recession. Forecasters expect a slowdown from May, when the nascent recovery added 2.7 million jobs, and June, when it added 4.8 million. That is because the resurgence of the coronavirus has cooled off growth in consumer spending and business activity for much of the summer.
If Friday’s report shows a drastic slowdown in job creation, while the economy remains down more than 10 million jobs from its prepandemic peak in February, pressure will rise on Mr. Trump and congressional leaders to cut a deal to provide additional aid for struggling small businesses, laid-off workers and state and local governments that are facing large shortfalls in tax revenue.
“It’s so clear that we should do something, and we should do something big, and we should do it in a way that is bipartisan as we have done every other bill,” Ms. Pelosi said after the meeting.
Republicans, for their part, blamed Democrats for what they described as an unwillingness to compromise on a number of critical fronts, like agreeing to liability protections for businesses or accepting a lower level of funding for schools that are already starting the academic year. They remained bitterly opposed to Democrats’ demands for hundreds of billions of dollars for food aid, election security and the Postal Service.
“A lot of Americans’ hopes — a lot of American lives — are riding on the Democrats’ endless talk,” said Senator Mitch McConnell, Republican of Kentucky and the majority leader, vowing to remain in Washington in anticipation of an agreement. “I hope they are not disappointed.”
It is all but guaranteed that a popular small-business loan program will stop accepting applications at the end of the week, becoming yet another casualty of the faltering negotiations. And it appeared likely that the talks would stretch into next week. Mr. Meadows said he would host a daily conference call next week with Republican senators to keep them updated on the progress — or lack thereof — of negotiations.
“I was hoping that maybe you wouldn’t have that call after Friday because we’d have a deal,” Senator Roy Blunt, Republican of Missouri, told reporters. “I do think at some point, everybody has to make a decision either we’re going to do this or not, and if we’re not, we’re not.”
Source Article from https://www.nytimes.com/2020/08/06/business/coronavirus-jobs-report-trump-congress-stimulus.html
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