The U.S. economy continued to generate sturdy employment growth in July, but it showed definite signs of cooling alongside the Federal Reserve’s battle to suppress inflation.American employers added 187,000 jobs last month, the Labor Department reported on Friday, experiencing 31 straight months of growth. The unemployment rate sank back to 3.5 percent, near a record low.Revised figures for the prior two months modulated the economic picture slightly from an almost imperceptible slowdown to a clear deceleration after gains exceeding 200,000 had become the norm. Still, the report shows that most people who want to work can find jobs, keeping upward pressure on wages.Average hourly earnings rose 4.4 percent from a year earlier, slightly more than expected, and enough to give workers more spending power even as prices keep going up.“We are converging towards a more s …
