People walk through a Manhattan mall on July 05, 2024 in New York City.
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, ZipRecruiter chief economist. "The labor market is clearly no longer normalizing. Further deterioration could set off a negative cycle of job losses, consumer spending declines, business revenue declines and more job cuts."
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