The U.S. economy added just 114,000 jobs in July, a significant drop from the average monthly gain over the previous year, indicating a potential economic slowdown.
Unemployment rate rose to 4.3% in July, the highest in almost 3 years, amidst fears of recession as job gains dropped sharply and wage growth slowed.
Consumer spending, a key economic driver, could be affected by reduced buying power, as wage gains have cooled and jobs in sectors like manufacturing show signs of weakness.
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