Grim jobs report shows just how much tariffs are hammering US economy

The latest jobs report showed hiring growth dropped dramatically last month and unemployment ticked up. 

Nonfarm payrolls added 73,000  in July, far lower than the 100,000 expected by analysts. 

The unemployment rate also ticked up to 4.2 percent. 

The report also sharply revised down the figures for May and June by a combined 258,000 jobs from the previously released figures. 

The latest figures suggest cracks are in fact starting to show up in the economy, despite a slew of previous better-than-expected economic data released recently. 

It comes after the Federal Reserve once again held rates steady at its July meeting on Wednesday.   

The weaker figures however could incentivize the Fed to lower interest rates at its next meeting in September.