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US ADDED JUST 114,000 JOBS IN JULY, UNEMPLOYMENT RATE HITS 4.3% AS INTEREST
RATES TAKE ECONOMIC TOLL

By PAUL WISEMAN The Associated Press,Updated August 2, 2024, 8:40 a.m.
Email to a Friend
Share on Facebook Share on TwitterPrint this Article
View Comments18
Samantha Grimison makes a cup of coffee at the Blind Tiger Cafe on Jan. 10 in
Tampa, Fla.Chris O'Meara/Associated Press

WASHINGTON — US hiring decelerated sharply last month in the face of high
interest rates as employers added a weak 114,000 jobs.

Friday’s Labor Department report showed a drop from the 179,000 jobs created in
June. Forecasters had expected to see 175,000 jobs in July. The unemployment
rate rose to 4.3 percent.

The economy has proven unexpectedly sturdy in the face of the Federal Reserve’s
campaign to tame inflation with high interest rates. The Fed raised its
benchmark rate 11 times in 2022 and 2023, taking it to a 23-year high. But the
higher borrowing costs appear to be taking a toll.

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