U.S. job growth slowed more than expected in July while the prior month's data was revised sharply lower, pointing to a sharp moderation in the labor market. Nonfarm payrolls increased by 73,000 jobs last month after rising by a downwardly revised 14,

U.S. employers added just 73,000 jobs in July and the May and June numbers were revised sharply lower, boosting the chances of a September rate cut.

Federal Reserve Chair Jerome Powell repeatedly described the labor market as solid and balanced at his press conference on Wednesday after the Fed held rates at 4.25%-4.50%. Still, he acknowledged there are downside risks.