US added just 114,000 jobs in July, unemployment rate hits 4.3% as interest rates take economic toll

WASHINGTON (AP) — U.S. hiring decelerated sharply last month in the face of high interest rates as employers added an unexpectedly weak 114,000 jobs.

Friday’s Labor Department report showed a drop from the 179,000 jobs created in June. Forecasters had expected to see 175,000 jobs in July. The unemployment rate rose to 4.3%, highest since October 2021, as the number of jobless Americans rose by 352,000.

The economy had proven unexpectedly sturdy in the face of the Federal Reserve’s...