US economy adds 187,000 July jobs in sign labor market is cooling

Figure is less than expected in first jobs report since Fed raised interest rate to 22-year high

US employers added 187,000 jobs in July, less than expected and a sign that the labor market is cooling after a series of interest rate hikes by the Federal Reserve have driven rates to their highest level in 22 years.

The jobs market has continued to add at least 200,000 new jobs each month this year, according to the US Bureau of Labor Statistics (BLS). But that compares to an average monthly gain of 400,000 in 2022.