A lackluster jobs report that featured unemployment shooting to its highest rate since October 2021 is intensifying calls for the Federal Reserve to begin cutting interest rates.

The economy added 114,000 jobs in July, far fewer than expected, and the unemployment rate rose two-tenths of a percentage point to 4.3%, the Bureau of Labor Statistics reported Friday.

Recommended Stories

Jobless claims fall again as labor market remains hot

Inflation fell for fifth month in a row to 2.5% in August, clearing way for Fed easing