US labor market: not bad, but not yet good enough for Fed

The US labor market continued to recover in June but all in all the employment report failed to meet expectations. While the number of jobs increased by 223k, wages were flat. The unemployment rate fell to 5.3%, a level close to the Fed's target, but largely because fewer persons were looking for work. With diminishing signs of wage increases, the Fed might feel inclined to remain in wait-and-see mode for longer, says Commerzbank