US job growth misses expectations in July; unemployment rate rises to 4.3%

U.S. job growth slowed in July, with nonfarm payrolls increasing by 114,000 jobs, below expectations. The unemployment rate rose to 4.3%. Hurricane Beryl impacted the figures. The labor market slowdown is due to reduced hiring, not layoffs, influenced by Fed interest rate hikes. Wage growth, at 3.6% over 12 months, remains above inflation targets. The employment report supports expectations of a September rate cut by the Federal Reserve.