US unemployment rate rises, cements path to rate cut

Text Size

• Small
• Medium
• Large

US

hiring

slowed markedly in July and the unemployment rate rose to the highest level in nearly three years, suggesting a faster deterioration in the labour market than previously thought and putting the Federal Reserve solidly on a path to cutting interest rates in Sept.
Non-farm payrolls rose by 114,000 last month after downward revisions to prior two months.

The unemployment rate unexpected climbed for a fourth month to 4.3%. The jobs report adds to a week of disappointing data.