July nonfarm payroll employment edged up by 114,000, and the unemployment rate rose to 4.3 percent.

Latest monthly jobs report: Non-farm payrolls: +114,000 vs. the expected +175,000

Unemployment rate: 4.3% vs. the expected 4.1%

June's gain was revised lower to 179,000 from 206,000, and May's gain was revised lower to 216,000 from 218,000.

Fed wants lower job openings, an increased unemployment rate, and slower wage growth. All three in a controlled manner to counteract inflation while preventing a recession. The jobs report plays a significant role in determining the terminal rate.

Fed may have to cut rates sooner than later to prevent a spiral down of the economy.

https://www.bls.gov/news.release/empsit.nr0.htm