US economy added just 114,000 jobs last month and unemployment rose to 4.3%

The US labor market cooled off far more than expected last month, underscoring concerns that the economy has slowed down too quickly and could lead to a recession.

Businesses added just 114,000 jobs in July, according to Bureau of Labor Statistics data released Friday and the unemployment rate unexpectedly leapt to 4.3%, which is the highest since October 2021.