U.S. job growth has slowed to below what’s generally considered healthy, suddenly upending the picture of a balanced job market and increasing support for interest-rate cuts. U.S. employers added just 73,

Surprisingly weak July hiring data released on Friday highlighted a fractious Federal Reserve debate over whether the central bank should have cut interest rates when it met this week, as it offered some support to those who’d favored an easing in borrowing costs.

The Federal Reserve won’t cut interest rates until it sees how inflation and job creation respond to higher tariffs. The next big bite of the apple arrives on Friday with the July employment report. Here’s what to expect.