U.S. employment growth was weaker than expected in July while the nonfarm payrolls count for the prior two months was revised down by a massive 258,000 jobs, suggesting a sharp deterioration in labor market conditions that puts a September interest rate cut by the Federal Reserve back on the table.

The US job market slowed substantially in July and was much weaker than first estimated for prior months, suggesting President Donald Trump’s trade policy may be stifling hiring.