The economy added 114,000 jobs in July. Analysts were expecting a slowdown, but not that much of one. Unemployment rose more than expected too. Markets are tumbling on the news amid worries that the Federal Reserve may have waited too long to cut interest rates. We’ll discuss. Plus, a housing crunch means pain for furniture retailers, and a grassroots program in the U.K. is making the sport of fencing more accessible.

We’re in the middle of another heat wave, which can make cooler parts of the country seem more attractive. And a new analysis shows that some Americans are reversing migration patterns. Typically, people are leaving colder states for warmer ones. Now, more Americans are staying put, while others are moving from warmer places to cooler ones. But first: Markets tumble as investors blink before The Fed does.

From the BBC World Service: Fencing is currently having its moment on the Olympic stage in Paris and has been around since the very first modern, organized Olympics. And in the United Kingdom, one grassroots group is making fencing more accessible, investing in growing its popularity and helping Muslim women and girls access more organized sport. Also on today’s show Japan’s stocks tumble on concerns over the U.S. economy.

Federal Reserve Chairman Jerome Powell has set the stage for the central bank’s first rate cut in four years — but we’ll still likely have to wait a few weeks. Anticipation of a rate cut has already had ripple effects across markets, including for mortgage rates. Then, there’s a shortage of poll workers. What’s being done to boost hiring? Plus, the Biden administration takes another crack at student loan relief.

It’s been about two years since President Joe Biden signed the CHIPS and Science law. A week after that anniversary marks two years since the signing of the the Inflation Reduction Act. Today, we’re joined by Heather Boushey, a member of the White House’s Council of Economic Advisers, to discuss what the arrival of federal investments is beginning to look like. But first, we’ll break down Fed Chair Jerome Powell’s remarks at yesterday’s press conference.

From the BBC World Service: The world’s first comprehensive set of rules governing artificial intelligence has come into force across the European Union, but it’ll take two years for the law to be fully implemented. Plus, tensions between Israel and the militant group Hezbollah are making a dire economic situation even worse for people in Lebanon. And later, young people in Nigeria are taking to the streets over economic hardship.