U.S. employment growth seen slowing in July; wage gains steady

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U.S. employment growth seen slowing in July; wage gains steadyU.S. job growth likely slowed in July after outsized gains in the prior month, with wages probably maintaining their moderate pace of increase, which could boost market expectations for another interest rate cut from the Federal Reserve next month. The Labor Department's closely watched monthly employment report on Friday will come on the heels of Wednesday's decision by the U.S. central bank to cut its short-term interest rate for the first time since 2008. Fed Chairman Jerome Powell described the widely anticipated 25-basis-point cut as insurance against downside risks to the 10-year old economic expansion, the longest in history, from trade tensions and slowing global growth.

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