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S&P 500 Has Its Worst Jobs Day Since October 2022: Markets Wrap

(Bloomberg) -- The selloff in stocks intensified and bond yields tumbled as a weak jobs report fueled worries that the Federal Reserve’s decision to hold rates at a two-decade high is risking a deeper economic slowdown.Most Read from BloombergSinger Akon’s Multibillion-Dollar Futuristic City in Africa Gets Final NoticeValencia Follows Barcelona in Crackdown on Short-Term RentalsWhat a Beautiful Bus Stop Can DoA Vast Wetland Park Seeks to Slake a Thirsty MegacityUber and Lyft Strike NYC Deal to S

Labor Market Sends Up a Red Flag as Unemployment Rate Rises

Hiring slowed in July as U.S. employers added a disappointing 114,000 jobs and the unemployment rate jumped to 4.3%, the highest level in nearly three years, the Bureau of Labor Statistics announced Friday.Economists had expected to see job growth closer to 175,000 during the month. The results were well below the average of 215,000 jobs added per month over the last year and fell short of the 200,000 jobs per month that are needed to keep up with population growth.The latest data sparked new wo