The Federal Reserve held rates steady in July but two governors dissented, saying they had concerns about labor market fragility.

The unemployment rate nudged up slightly to 4.2 per cent, in line with market expectations There were big downward revisions to jobs growth in May and June July’s payrolls report painted a picture of a labour market that is weakening,

The July jobs report shows weakening in the labor market and lifts expectations for a September rate cut. The July jobs report came in weaker than expected, signaling a slowdown in the labor market. This is good news for those wanting the Federal Reserve to lower interest rates,

The Federal Reserve will release its interest rates decision Wednesday, but it's unlikely to cut rates. Trump has lobbied against Fed Chair Jerome Powell.

At a time when Donald Trump is openly warring with the Federal Reserve, he will soon get to pick a new central bank governor.