The US economy added jobs at a slower-than-expected pace in June, but labor conditions remain largely tight as Fed officials prepare for the rate meeting later this month.

Nonfarm payrolls increased by 209,000 last month, away from the 306,000 downward revision in May, according to the Labor Department's closely watched employment report.
Economists had expected this figure to increase to 225,000. Meanwhile, monthly growth in average hourly earnings remained unchanged at 0.4%, while the unemployment rate fell from 3.7% to 3.6%.
The policy makers of the Fed pointed to the relaxation in the tight labor market as one of the main targets of the interest rate hike campaign they have been continuing for the last year to control high inflation.
The Federal Open Market Committee decided to hold borrowing costs flat at its last meeting, but the move was seen as a temporary measure to give officials more time to assess the impact of the increases on the economy.
Minutes of the Fed's June meeting and statements by Dallas Fed President Lorie Logan on Thursday suggest that the central bank may be about to restart its cycle of rate hikes.
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