U.S. June non-farm payrolls missed expectations, wage trends moderate

Non-farm payrolls, forecast 110k, prior month 129k, actual 57k.
Additionally, the labor force participation rate at 61.5% was also below the prior month and the expected 61.8%.
On wages, the hourly wage month-over-month was flat with expectations and the prior month (0.3%).
Overall, the data shows a temporary cooling of employment with moderate wage growth, and no signs of a "wage-price" spiral for now.
CME interest rate futures show that market rate expectations for September remain unchanged, but there are still rate hike expectations for October.