175,000 jobs were likely added to the U.S. workforce in July

The labor market isn’t hot but unemployment is holding steady—a combination that the Fed finds encouraging. The U.S. job market isn’t sizzling hot anymore. Companies aren’t hiring the way they were a year or two ago. But they aren’t slashing jobs either, and American workers continue to enjoy an unusual degree of job security.This is just what the inflation fighters at the Federal Reserve want to see: a gradual slowdown in hiring that eases pressure on companies to raise wages — but...