Hey there from CNN, I'm Chris de Boe with the five things you need to know for Friday, August 2nd.

The US economy only added 114,000 jobs last month,

with a job market cooling off far more than expected, and

its underscoring concerns that the economy has slowed down too quickly and could

lead to a recession. Economists expected employers to add 175,000 jobs and for the unemployment rate to stay at 4.1%.

The report from the Labor Department shows they were way off and the unemployment rate leaped

to 4.3%.

We should say one bad jobs report doesn't mean a recession is inevitable.

But investors are jittery.

U.S. markets fell this morning and a growing consensus on Wall Street and from some economists

is that the Federal Reserve screwed up this week by keeping interest rates steady.

On Wednesday, Fed Chair Jerome Powell suggested a rate cut in September could be in the cards.

The question will be whether the totality of the data, the evolving outlook, and the balance

of risks are consistent with rising confidence on inflation and maintaining a solid labor market.

If that test is met, a reduction in our policy rate could be on the table as soon as the next

meeting in September.

But rising unemployment improves the odds of the Fed cutting rates

by half a point instead of a quarter point.

The US says it's willing to move resources

to the Middle East if needed as Iran vows to retaliate

after the killing of Hamas political leader Ishmael Hania. National Security

Council spokesperson John Kirby spoke this morning to CNN. We've heard the

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