Former Dallas Federal Reserve President Richard Fisher stated that the July employment report’s data did not disappoint him.

Fisher remarked, “In fact, I believe the current employment situation is better than what I and many others had previously expected. Overall, the labor market remains quite resilient. However, the ongoing slowdown in wage growth warrants attention, as it could impact consumer behavior. Additionally, consumers are still facing some inflationary pressures. Therefore, I do not consider this employment data to be disappointing.”

Fisher added that he is still waiting for inflation data and will not base his judgment solely on the July employment report. He also indicated that he does not currently support further interest rate hikes.

Fisher believes the Federal Reserve’s policy committee is leaning toward a more hawkish stance and may adopt a more contractionary policy position at the September meeting or thereafter.

Data from the U.S. Bureau of Labor Statistics showed that nonfarm payrolls decreased by 23,000 in July, compared to the Dow Jones estimate of an increase of 83,000.