The U.S. added 187,000 jobs in July, according to the Bureau of Labor Statistics (BLS), TKTK forecasts for 200,000 jobs and up/down from a downwardly revised 185,000K added in June. June’s job gain was originally reported as 209,000.

The unemployment rate edged down to 3.5% in July versus forecasts for 3.6% and 3.6% in June.

The price of bitcoin (BTC) slipped a few dollars to $29,100 in the minutes following the news.

Friday morning’s report could be among the first signs that the labor market is beginning to cool after nearly 18 months of an aggressive U.S. Federal Reserve rate hike cycle that’s taken the fed funds rate target from 0%-0.25% in March 2022 all the way to its current 5.25%-5.50%. Prior to today’s weak jobs print, the market had priced in just a 20% chance of the Fed raising rates at its next policy meeting in mid-September.