The US Economy Added 114,000 Jobs in July and Unemployment Rose [Video]

US nonfarm payrolls also came in light, with the economy adding 114,000, missing the consensus expectation of 176,000. The Bureau of Labor Statistics also revised May and June job additions lower.

The weak report all but confirms the Federal Reserve will cut interest rates in September, an outcome that was already carrying a nearly 100% probability heading into the report.

Stock futures slid following the jobs report.

Wage growth slowed in July with a 3.6% year-over-year increase, following a 3.8% year-over-year increase last month.

Employment in the healthcare sector increased by 55,000 from June to July. Employment in the leisure and hospitality industry rose by 23,000, and employment in construction rose by 25,000. The information sector saw employment drop by 20,000.

Amid the rising unemployment rate, the overall rate of labor-force participation rose from 62.6% in June to 62.7% in July. The prime-age rate, or those ages 25 to 54, …