U.S. economy keeps up the momentum, but rising costs put a lid on new hiring

The U.S. economy continued to show strong growth in July, with key sectors powering ahead, but businesses are grappling with higher operational costs due to supply shortages and persistent inflation. As a result, many companies are holding back on new hiring, indicating a cautious approach amid these economic pressures. This trend underscores the challenges businesses face in maintaining momentum while managing escalating costs, which could have broader implications for economic recovery and job market dynamics.