July did post less than expectations though wages are up and inflation dropped which definitely makes for mixed signals for the FEDS as they continue to fight inflation …

• NEW JOBS created in July was 187,000 and expectations of 200,000
  GOOD for the bonds and rates as the labor market is softening.
• UNEMPLOYMENT dropped down to 3.5% from 3.6%
  BAD – When trying to slow down the economy to address inflation and the employment market is STRONG
• HOURLY EARNINS are up 0.4% for July and 4.4% Year over Year
  BAD – Both STRONGER than the forecast and is an inflationary indicator