, according to ADP, had primed investors to prepare for another expectation-busting report from the Labor Department.
So: 50,000 fewer jobs than forecast is a big deal. It shows the labor market's cooling down. But is it enough for the Federal Reserve to hold interest rates steady at its upcoming meeting? I doubt so. The unemployment rate ticked down 0.1 percentage points to 3.6%, which is still near its 60-year low. Average hourly earnings rose 0.4% in June while the average work week increased 0.1 hours. Those are all signs the labor market's still adding to inflation.on CNBC's "Squawk on the Street." But — and this is important — it's "getting back to a balanced, sustainable level," Goolsbee added.
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