US Added Just 114,000 Jobs In July, Unemployment Rate Hits 4.3% – KXL

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.