US unemployment rises as fears grow that the Fed has left it too late to cut rates

US job growth fell short of expectations in July and the unemployment rate jumped to the highest level in nearly three years.

Employers added 114,000 jobs last month, according to Labor Department data released Friday, well below the Dow Jones estimate of 185,000.

The unemployment rate also rose to 4.3 percent, the highest level since October 2021.

U.S. stock futures fell Friday morning after the weak jobs report, capping a turbulent week, while Treasury yields plunged.

The cooling labor market is raising fears that high interest rates are starting to bite the economy, after the Federal Reserve held benchmark borrowing costs steady at a 23-year high at its last meeting this week.

This is breaking news. More to come.