Surprisingly weak July hiring data released on Friday highlighted a fractious Federal Reserve debate over whether the central bank should have cut interest rates when it met this week, as it offered some support to those who’d favored an easing in borrowing costs.

The Federal Reserve held rates steady in July but two governors dissented, saying they had concerns about labor market fragility.

If you look at the labor market, what you see is, by many, many statistics, the labor market is kind of still in balance,” Powell said. While demand for workers is slowing, t