Unlock the Editor’s Digest for free
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
The US labour market cooled more than expected in July, adding 114,000 jobs as the unemployment rate rose, strengthening the case for the Federal Reserve to cut interest rates as soon as September.
Friday’s figure from the Bureau of Labor Statistics was well below economists’ expectations for 175,000 new positions and also the downwardly revised 179,000 jobs added the previous month.
The unemployment rate rose to 4.3 per cent, the fourth consecutive monthly increase.
The data comes as a stock sell-off across Europe and Asia gathered pace on Friday, prompted by growing fears about a US economic slowdown after lacklustre results from consumer and tech companies this week.
This is a developing story
