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Rising costs and supply strains weigh on new hiring, July data suggests

MarketWatch reports the economy’s biggest slice expanded in July at a robust pace, but companies held back on hiring as shortages and inflation raised operating costs.

Reported · Written up by our desk · Economy

U.S. economic growth held up in July, according to reporting by MarketWatch, with the largest part of the economy expanding at a robust pace.

Still, scattered shortages of key supplies and persistent inflation increased the cost of doing business.

MarketWatch adds that those pressures led companies to keep hiring more constrained than the growth data alone might suggest.

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