Why U.S. Hiring Slowed Sharply --114,000 jobs add in July.US labor market cooled off far more than expected last month.Friday’s report also is raising questions of the Federal Reserve, which has become more attuned to potential weakness in the labor market, but opted to hold interest rates steady on Wednesday.Unemployment rate's jump to 4.3% in July crossed a tripwire that historically has signaled that the United States is in recession — though economists say the gauge probably is not reliable in the topsy-turvy post-pandemic economy.