U.S. job growth likely slowed in July, with the unemployment rate forecast rising back to 4.2%, but that probably would be insufficient to spur the Federal Reserve to resume cutting interest rates soon as tariffs are starting to fan inflation.

The July payroll gain was narrowly based. Private education and health sector jobs climbed by 79,000, but most other categories were either down or showed modest increases. Manufacturing payrolls fell for a third straight month,