US Job Growth Slows, BLS Chief Fired

U.S. job growth slowed sharply in July, with only 73,000 jobs added and the unemployment rate rising to 4.2%, well below expectations. Downward revisions for May and June revealed 258,000 fewer jobs than previously reported, deepening concerns about the labor market's health. Several major companies, including Moderna, Procter & Gamble, and Microsoft, have recently announced significant layoffs or hiring freezes. In response to the weak report, President Trump fired Bureau of Labor Statistics Commissioner Erika McEntarfer, alleging without evidence that she manipulated the data to harm his administration, a move that drew criticism from Democrats. Experts note that while jobs data often sees revisions, the scale of recent changes has added uncertainty to the economic outlook. The Federal Reserve faces increased pressure to cut interest rates as risks to the economy mount.