The job market in the US experienced a significant slowdown in July, according to the latest report by the Labor Department. The data showed that 114,000 jobs were added on a seasonally adjusted basis, marking the second smallest gain in 43 months of consecutive job growth. The unemployment rate rose to 4.3 percent, the highest level since October 2021. Wage growth also eased, with wages rising 0.2 percent from the previous month and 3.6 percent from a year earlier. Sectors such as health care and construction continued to drive job gains, while previous months’ data was revised downward.
