U.S. employment slows more than expected as unemployment rate unexpectedly rises

U.S. employment slowed more than expected in July and the unemployment rate rose to its highest level in nearly three years, suggesting the labor market is cooling faster than other data suggest. U.S. nonfarm payrolls rose by 114,000 in July on a quarterly basis, after two months of downward revisions. The unemployment rate unexpectedly climbed to 4.3% for the fourth straight month.