Record-breaking job creation in May and June appear to be giving way to a more subdued pace, with a possibility that some of those gains even will be reversed.Current consensus is for July nonfarm payrolls to rise by 1.26 million, according to economists surveyed by Dow Jones. The number would be well below the previous month's 4.8 million but still easily better than anything the U.S. has seen in the pre-Covid 19 era. Still, recent signs are indicating that while the previous two months showed surprises to the upside, adding 7.5 million jobs in just two months July's story could be different. Spiking coronavirus cases and rollbacks of reopenings in multiple states present roadblocks to continued aggressive gains in jobs.

A new CNBC survey shows that most people believe that the number of unemployed has peaked. CNBC's Steve Liesman reports.

Americans who lost their jobs because of the pandemic had been getting a US$600 bump on top of state benefits in their weekly unemployment checks since March. That ended on July 31, and lawmakers are debating whether to extend the program and if so by how much. Senate Republicans are arguing it’s too generous to the 18 million who are unemployed and serves as a disincentive to returning to work. Their initial proposal in the ongoing negotiations would slash the benefit to $200 a week.

Republicans and Democrats have made little progress toward a coronavirus relief deal as economic data shows an economy still reeling from the coronavirus pandemic. An enhanced federal unemployment benefit is expiring even as initial jobless claims increased for two consecutive weeks.

Milken Institute's William Lee says real money through fiscal support needs to be pumped into the system to help the economy. He notes that the Fed's monetary stimulus can only go so far, with most of its lending facilities yet to used.

William Spriggs, Howard University professor and chief economist to the AFL-CIO, joins "Squawk Box" to discuss the negotiations over more coronavirus stimulus as well as what the Fed's policy decisions could mean for the recovery of the U.S. economy.

Small businesses continue to face unprecedented challenges during the pandemic. As new coronavirus hot spots emerged through July, small business job growth slowed. Paychex CEO Marty Mucci joins "Squawk Box" to discuss the latest number from Paychex Small Business Employment Watch.

The worst of the news from the deepest one-quarter slump in U.S. economic history is in the past. The future is now the challenge, and it is not looking as bright as it once did.When what had been a finely tuned $21.7 trillion economy came to a screeching halt in March due to the coronavirus pandemic, expectations that were that the decline would only be temporary and the reopening would feature a swift, aggressive recovery.But the narrative is rapidly changing.Employment gains that set records in May and June now seem to be evaporating as weekly jobless claims remain stubbornly higher. Consumer spending numbers that had ratcheted up strongly also are grinding lower as fewer people return to normal activities. Rising coronavirus cases are generating pessimism about the rapid economic growth that was supposed to come.

The move to get displaced workers back to their jobs slowed sharply in July, with private payrolls increasing by just 167,000, ADP reported Wednesday. CNBC's Steve Liesman breaks down the numbers.

CNBC's Kelly Evans discusses the $600 unemployment benefit debate and whether its necessary relief or a disincentive to work with Steven Davis of the University of Chicago’s Booth School of Business and advisor to the U.S. Congressional Budget Office.

Lisa Cook, professor of economics and international relations at Michigan State University, joins "Squawk Box" to discuss the changes proposed to the jobless benefits in the coronavirus stimulus package.

Suddenly, the idea of a “job guarantee” is back in vogue. Lawyer, academic, land rights activist and founder of the Cape York Institute Noel Pearson has come out of it favour of it, University of Newcastle labour market specialist Bill Mitchell has a document before the prime minister, and the Per Capita think tank is pushing for a youth-only guarantee. The idea is that the government would make an unconditional job offer at a minimum wage to anyone willing and able to work. There would be no need for the Newstart unemployment benefit (now called JobSeeker).

Senator Amy Klobuchar of Minnesota joins CNBC's Kelly Evans to discuss the next round of economic stimulus and the $600 jobless benefit that is about to expire.

Mark Vitner of Wells Fargo Securities says the new wave of layoffs in the U.S. will go beyond restaurants and bars, and there lacks a sense of urgency in Washington to put together another support package.

Cutting unemployment benefits to workers displaced during the pandemic could push people back to their jobs sooner but also take another slice out of an already reeling U.S. economy.Democrats and Republicans are parrying over what to do now that the current arrangement will expire Friday. The newly unemployed have been able to get regular benefits plus $600 a week, a setup that allows 68% of those impacted to collect greater than 100% of their regular salary, according to recent numbers from the National Bureau of Economic Research. The median eligible income is 134% of normal pay, the NBER said.Congressional Republicans say the extra pay has served as a detriment to getting workers back to their regular jobs. They have proposed taking the added bonus down to $200 a week and capping compensation at 70% of normal pay on a sliding scale that evolves over the next several months. Democrats are pushing back on that contention and are expected to propose keeping the current system, though possibly with some cap compared to pre-layoff compensation.

CNBC's "Squawk Box" crew break down the second-quarter GDP data to see where the U.S. economy took the biggest hits.

Ed Mills, Raymond James Washington policy analyst, joins "Closing Bell" to discuss the second stimulus bill that will provide unemployment relief and more PPP.

Senate Republicans unveiled a new proposed relief package this week that would drop enhanced unemployment benefits from $600 to $200. But the new proposal leaves Americans with a lot of questions on what they can actually expect to get.

Democrats and Republicans restarted in-person talks on the next coronavirus relief bill Monday as the outbreak continued to spread and enhanced unemployment benefits expired. Nancy Pelosi, Chuck Schumer, Steven Mnuchin and Mark Meadows held what Pelosi called "productive" discussions, but Democrats said several issues are still outstanding: Aid for jobless Americans, liability protections for businesses, and relief for state and local governments remain major sticking points in the talks.

CNBC's Kelly Evans discusses Congress should extend the additional $600 in unemployment benefits the federal government provided people who lost their jobs due to the coronavirus pandemic with Barry Knapp of Ironsides Macroeconomics and Bill Rodgers of Heldrich Center for Workforce Development at Rutgers University.

CNBC's Rick Santelli breaks down the jobless claims numbers for week ending July 25.