The U.S. labor market just hit the brakes. Employers added only 73,000 jobs in July—well below expectations—and revised figures for May and June slashed previous totals by a staggering 258,000 jobs. The numbers paint a concerning picture of a cooling economy and shifting hiring trends. We've broken down the 4 most important takeaways from this surprising jobs report—and what it could mean for workers, investors, and the 2024 election race.

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