US jobs data ‘flashing red’ as poor growth sparks Wall Street sell-off

Fed chair urged to cancel his summer vacation' and take action as unemployment rose to highest rate since October 2021

The US labor market cooled significantly last month as unemployment unexpectedly rose, sparking fears of a slowdown across the world's largest economy.

American employers added 114,000 jobs in July - short of the 180,000 additions expected by economists, and a marked decrease from the 179,000 added in June.