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Accessibility statementSkip to main content Democracy Dies in Darkness SubscribeSign in Democracy Dies in Darkness Economy WEAKER LABOR MARKET STOKES FEARS OF A DOWNTURN, SPURS MARKET SELL OFF The unemployment rate rose to 4.3 percent, the highest since 2021. 7 min 1387 Key takeaways Summary is AI-generated, newsroom-reviewed. * U.S. labor market shows signs of weakening. * Federal Reserve considers September rate cut. * Job growth solid but sectors like manufacturing shrink. * Public sector and healthcare jobs remain strong. * Unemployment challenges hit marginalized groups hardest. Did our AI help? Share your thoughts. A grocery store in a Deerfield, Ill., is seeking workers, but employers are hiring at the slowest pace in a decade, excluding the pandemic shutdown. (Nam Y. Huh/AP) By Lauren Kaori Gurley and Rachel Siegel Updated August 2, 2024 at 11:08 a.m. EDT|Published August 2, 2024 at 6:00 a.m. EDT Employers added 114,000 jobs in July and the unemployment rate spiked to 4.3 percent, reflecting a weaker-than-expected labor market that is stoking fears that interest rates have been too high for too long. Get a curated selection of 10 of our best stories in your inbox every weekend. With the unemployment rate now at the highest rate since coming out of the pandemic downturn in 2021, economists, banking analysts and investors warned that recession signals are flashing. Share 1387 Comments NewsletterWednesdays The Color of Money Advice on how to save, spend and talk about your money for the short and long term from Michelle Singletary. Sign up Subscribe to comment and get the full experience. Choose your plan → Advertisement TOP STORIES D.C. region Local news, weather, sports, events, restaurants and more The 23 best things to do in D.C. this weekend and next week MacKenzie Gore’s baby steps can’t keep the Nats from getting swept Nats trade Dylan Floro, hold on to Kyle Finnegan — then fall in a rout back Try a different topic Sign in or create a free account to save your preferences Advertisement Advertisement Company About The Post Newsroom Policies & Standards Diversity & Inclusion Careers Media & Community Relations WP Creative Group Accessibility Statement Sitemap Get The Post Become a Subscriber Gift Subscriptions Mobile & Apps Newsletters & Alerts Washington Post Live Reprints & Permissions Post Store Books & E-Books Today’s Paper Public Notices Contact Us Contact the Newsroom Contact Customer Care Contact the Opinions Team Advertise Licensing & Syndication Request a Correction Send a News Tip Report a Vulnerability Terms of Use Digital Products Terms of Sale Print Products Terms of Sale Terms of Service Privacy Policy Cookie Settings Submissions & Discussion Policy RSS Terms of Service Ad Choices washingtonpost.com © 1996-2024 The Washington Post * washingtonpost.com * © 1996-2024 The Washington Post * About The Post * Contact the Newsroom * Contact Customer Care * Request a Correction * Send a News Tip * Report a Vulnerability * Download the Washington Post App * Policies & Standards * Terms of Service * Privacy Policy * Cookie Settings * Print Products Terms of Sale * Digital Products Terms of Sale * Submissions & Discussion Policy * Sitemap * RSS Terms of Service * Ad Choices 5.22.8 Already a subscriber? Sign in GET UNLIMITED ACCESS TO THE WASHINGTON POST You can cancel anytime. MONTHLY $1 every week for the first year billed as $4 every 4 weeks YEARLY $120 $40 for the first yearBEST VALUE * Unlimited access on the web and in our apps * 24/7 live news updates Add your email address By creating your account, you agree to The Washington Post's Terms of Service and Privacy Policy. Card View more offers