Employers added 206,000 payroll jobs in June, according to the new jobs report just released by the US Department of Labor. That was just slightly above the consensus economist forecast of 190,000. But, on many other measures, we see a labor market that is gradually cooling.

The June job gains, which came in stronger than expected, marked a downshift from the revised 218,000 roles added in May.

The labor market is showing signs of weakness, with employers easing hiring and a rising share of jobless Americans. Why it matters: The June jobs report offers the clearest sign yet that the economy is losing momentum.