U.S. Added Just 73K Jobs in July, Unemployment Rate Rose to 4.2%

U.S. jobs market growth slowed considerably not just last month, but in June as well, likely giving more fuel to those calling for Federal Reserve rate cuts.Nonfarm payrolls rose 73,000 in July, according to a Friday morning report from the Bureau of Labor Statistics. That's up/down from 14,000 in June (revised sharply lower from an originally reported 147,000) and shy of economist forecasts for 110,000.The unemployment rate rose to 4.2% versus 4.2% expected and 4.1% in June.In the midst of sharp overnight losses, the price of bitcoin The Federal Reserve earlier this week left its benchmark fed funds rate range steady at 4.25-4.50%, as expected. Chairman Jerome Powell, however, delivered a hawkish message in his post-meeting press conference, throwing into question what had been a developing consensus that the central bank would trim interest rates at its next meeting in September.The odds of a rate cut at the September have subsequently dipped to around 40% versus 75% just a month earlier, according to CME FedWatch.This morning's jobs report, however, is likely to give weaken Powell's hand as he challenges not just President Trump's consistent calls for lower interest rates, but now at least two Fed governors - Chris Waller and Michelle Bowman — who earlier this week voted to cut the fed funds rate.