The unemployment rate in the United States has risen to 4.3%, intensifying concerns about a deteriorating job market

News on August 2nd, the growth of employment in the United States in July slowed down more than expected, with only an increase of 114,000 people. The unemployment rate rose to 4.3%, which may intensify concerns about a deteriorating job market and could potentially lead to economic recession. During the employment survey period, Hurricane Belle destroyed power in Texas and severely affected parts of Louisiana, which might be one reason for the lower-than-expected increase in employment numbers. After a wage growth of 0.3% in June, it increased by 0.2% last month. Over the past twelve months ending July, wages have grown by 3.6%. This is the smallest year-on-year increase since May 2021 while June's increase was at 3.8%. The jobs report has laid groundwork for Federal Reserve's interest rate cut in September.The unemployment rate has risen for four consecutive months which may heighten worries about sustainability of economic expansion.