US economy cools more than expected in July with 114,000 jobs added

The US labour market cooled more than expected in July, adding 114,000 jobs as the unemployment rate rose, prompting traders to increase bets on the Federal Reserve cutting interest rates this year.

Friday’s figure from the Bureau of Labor Statistics was well below economists’ expectations for 175,000 new positions, and the downwardly revised 179,000 jobs added the previous month.

It was also far lower than the average monthly gain of…