Nonfarm payrolls rose by 73,000, less than almost all economists had forecast, while the unemployment rate ticked up to 4.2%, matching the median projection. Average hourly earnings were up 0.3%, leaving them 3.9% higher over 12 months – outpacing inflation.

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.