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The U.S. economy added just 73,000 jobs in July, marking a sharp deceleration in employment growth, according to Labor Department data released Friday. The unemployment rate increased to 4.2 percent, up from 4.1 percent in June.

The modest job gains fell well short of the robust hiring seen earlier this year and confirmed economists' predictions of a cooling labor market. Weak hiring was observed across most industry sectors, signaling a broad-based slowdown rather than isolated weakness.

Adding to concerns about the employment landscape, the Labor Department revised downward its job creation estimates for May and June by a combined 258,000 positions. These revisions indicate that the labor market had been softer than initially reported during the spring months.

The latest employment report reflects the challenges facing both job seekers and employers as economic conditions shift. The combination of slower job creation and upward revisions to the unemployment rate suggests the previously tight labor market is beg

U.S. Job Growth Slows Significantly in July as Unemployment Rate Climbs