U.S. employers added just 73,000 jobs in July and the May and June numbers were revised sharply lower, boosting the chances of a September rate cut.

The unemployment rate nudged up slightly to 4.2 per cent, in line with market expectations There were big downward revisions to jobs growth in May and June July’s payrolls report painted a picture of a labour market that is weakening,

U.S. job growth slower much more than expected in July, and the data from the prior month was revised sharply lower, indicating the labor market could be showing signs of stalling.