Global markets experienced a major downturn on Friday, continuing the negative sentiment that began the previous day, further exacerbated by U.S.jobs data that came in cooler than expected.The U.S.economy is showing signs of underlying weaknesses, as the pace of job creation slowed significantly in July, and the unemployment rate unexpectedly increased, causing concern for the Federal Reserve which last week decided to delay an interest rate cut until September.U.S.employers added 114,000 nonfarm payroll jobs last month, a significant slowdown from the 179,000 jobs created in June and well below the economist consensus estimate of 175,000, according to TradingEconomics.
Average hourly earnings increased by 0.2% from the previous month, falling short of expectations of 0.3% and indicating a slowdown in wage growth.
The unemployment rate unexpectedly rose from 4.1% to 4.3%, the highest level since October 2021.
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