Employers across the U.S. added 73,000 jobs in July, a slowdown from previous months and a sign the labor market is downshifting. Hiring was weaker than expected by economists, who had forecast payroll gains of 115,000 jobs last month, according to a poll by FactSet.

The U.S. added only 73,000 jobs in July, far below expectations, as the unemployment rate ticked up to 4.2%. Revisions for May and June cut previous job gains by a combined 258,000. On Morning Joe, Stephanie Ruhle said the economy is “bracing” for the full impact of Trump’s tariffs,