Portland, Oregon Local News
US Added Just 114,000 Jobs In July, Unemployment Rate Hits 4.3% – KXL
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WASHINGTON (AP) — The U.S. economy suffered an unexpected setback in July, as hiring fell sharply and the unemployment rate rose for the fourth straight month in a sign that higher interest rates may be taking a bigger toll on businesses and consumers.
Friday’s report from the Labor Department showed that employers added just 114,000 jobs in July – far fewer than the 175,000 forecasters had expected – and that unemployment rose to 4.3%, highest since October 2021.
“Things are deteriorating quickly,’’ said Julia Pollak, chief economist at the job marketplace ZipRecruiter.
The news shook financial markets around the world.
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Grant McHill
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