The Federal Reserve has not approved an interest rate cut since before the Nov. 5 election, but one of its governors said she wants three rate cuts this year.

A top official at the Federal Reserve is saying that this month's stunning, weaker-than-expected report on the U.S. job market is strengthening her belief that interest rates should be lower.

A weak July jobs report could prompt the Federal Reserve to make its first interest rate cut of the year, as more officials raise concerns about a weakening economy.