With 75,000 net new jobs in May, and downward revisions totaling 75,000 for March and April, job growth is demonstrably slowing.  Additionally, Y-o-Y wage growth fell to 3.1%. This makes a July rate cut very possible. However, the unemployment rate remained at 3.6% and the broadest measure of unemployment fell to 7.1%; best since 12/2000. YTD job growth of 150K is fine, so long as it doesn’t weaken much further.