The data that caused President Donald Trump to fire the head of the Bureau of Labor Statistics because he did not like the July employment report, calling it "rigged," is being taken as serious evidence by Federal Reserve officials of a slowing economy and as a justification for the interest rate cuts Trump wants.

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

A top official at the Federal Reserve is saying that this month's stunning, weaker-than-expected report on the U.S. job market is strengthening her belief that interest rates should be lower.