Yes, Unemployment Fell. But The "Recovery" Seems To Be Slowing Down.

``One clear message of this month's jobs report is that the recent uptick in nationwide COVID-19 infections doesn't seem to be reversing the economic recovery. That runs somewhat contrary to the mixed economic signals we've been getting over the past few weeks: In addition to rising weekly unemployment claims, GDP growth was historically dismal for the second quarter of the year -- down an annualized rate of 32.9 percent. That, combined with a report from the payroll processing company ADP which showed a substantial slowdown in hiring in July, was enough to spur speculation that the economy might already be backsliding, as gains in consumer spending stalled and businesses across the country were forced to scale back operations only a few weeks after states' phased reopenings went into effect.''