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Revised US job growth figures show a much weaker labor market than initially reported. Payroll growth was only 73,000 in July, significantly lower than predicted, with downward revisions to previous months revealing a near standstill in the spring. This prompted President Trump to fire the head of the Bureau of Labor Statistics. The weak data has led Wall Street to anticipate sooner-than-expected rate cuts by the Federal Reserve, although some economists suggest the slowdown might be due to limited labor supply rather than weak demand. Stock markets reacted negatively, with the S&P 500 and Nasdaq falling significantly.

Prepared by Christopher Adams and reviewed by editorial team.