WASHINGTON (AP) — The U.S. economy suffered an unexpected setback in July as hiring fell sharply and the unemployment rate rose for the fourth straight month with raised interest rates taking a toll on businesses and households.

Employers added just 114,000 jobs in July — 35% fewer than expected — and unemployment, now at 4.3%, is the highest since October 2021, the Labor Department reported Friday.

“Things are deteriorating quickly,’’ said Julia Pollak, chief economist at ZipRecruiter.

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