Photo: Workers manufacture dinnerware at the Fiesta Tableware Co. factory in Newell, West Virginia, on July 22, 2021. Photographer: Luke Sharrett/Bloomberg via Getty Images. Workers manufacture dinnerware at the Fiesta Tableware Co. factory in Newell, West Virginia, on July 22, 2021. Photographer: Luke Sharrett/Bloomberg via Getty Images.

U.S. hiring slowed markedly in July, and the unemployment rate rose to an almost three-year high, raising recession concerns and putting the Federal Reserve solidly on a path to cutting interest rates in September.

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