U.S. job growth slowed more than expected in July, with the unemployment rate increasing 4.3%, leading to fears that the labor market is faltering and the economy is heading for a possible recession.
Read More Report: U.S. Economy Added 114K Jobs In July, Unemployment Increases To 4.3%
The Labor Department’s employment report also showed the economy created 111,000 fewer jobs in April and June than previously estimated.
Read More US job growth slows moderately; unemployment rate rises to 4.1%
Job openings, a measure of labor demand, were down 296,000 to 8.059 million on the last day of April, the lowest level since February 2021.
Read More U.S. job openings drop in April, as labor market cools
Joe Biden continues to claim that his administration has done the most for the economy.
Read More Biden Claims He Has Improved The Economy
The number of Americans filing new claims for unemployment benefits held steady at a low level last week.
Read More US labor market still tight; productivity falters in first quarter
U.S. consumer prices increased more than expected in March as Americans paid more for gasoline and rental housing.
Read More US consumer prices accelerate; seen delaying Fed rate cut