U.S. job growth slowed more than expected in July while the prior month's data was revised sharply lower, pointing to a sharp moderation in the labor market. Nonfarm payrolls increased by 73,000 jobs last month after rising by a downwardly revised 14,

Nonfarm payrolls rose by 73,000, less than almost all economists had forecast, while the unemployment rate ticked up to 4.2%, matching the median projection. Average hourly earnings were up 0.3%, leaving them 3.9% higher over 12 months – outpacing inflation.

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