According to BlockBeats, on August 2, Wells Fargo Senior Economist Sarah House noted that the momentum of the U.S. labor market slowed in the second quarter. This development has alleviated concerns that employment growth might increase inflationary pressures. The key issue for the employment reports in July and the remainder of 2024 is whether the slowdown in job growth indicates a normalization of the labor market or signals the beginning of a more severe economic downturn. In a research report, Bank of America Economist Michael Gapen suggested that the report might show a gradual cooling of the labor market.