Rate of Job Growth Continues to Cool in July

While the jobs market is showing signs of gradual slowing, high wage growth remains.

By Vincent Salandro

Total nonfarm payroll employment rose by 187,000 in July, in line with the revised figure of 185,000 jobs added in June, according to the latest jobs report from the Bureau of Labor Statistics (BLS).

While cooling employment growth is a positive sign for the Federal Reserve in its efforts to cool the economy, Zonda chief economist Ali Wolf says the July report provided “mixed” results for next steps in the economy.

“The slowing of the rate of job growth was good, as Americans can still find jobs, but demand for employees feels less insatiable,” says Wolf. “The persistently high levels of wage growth, however, will be less welcome news for policymakers; high wage growth is one of the contributors to wider inflation in the economy.”