Investing.com -- The U.S. economy added 187,000 jobs in July, as Federal Reserve policymakers attempt to gauge the impact of a long-standing string of aggressive interest rate hikes on the labor market.
The figure was a slight increase from a downwardly revised reading of 185,000 in June. The preliminary level had been at 209,000, while economists had predicted a mark of 200,000.
Cooling labor demand has been a central target of the Fed's latest cycle of rate rises, with policymakers arguing that this trend, along with easing wage growth, could help corral elevated inflation.
Friday's numbers may factor into how the central bank evaluates its next decision on borrowing costs. The Fed raised rates by 25-basis-point at its last meeting in July, a move that some observers believe could mark the end of its 18-month tightening campaign. But it did not rule out further rate hikes if needed, noting that its upcoming moves will be "data-dependent."