The economy added 187,000 jobs in July, the Bureau of Labor Statistics reported Friday, reflecting a slowdown in the labor market as the Federal Reserve tightens its monetary policy.

The unemployment rate ticked down to 3.5%, still a very low figure historically.

The slowdown in job creation over recent months, while still strong by historical standards, could complicate the White House's efforts to tie President Joe Biden to positive spots in the economy like the labor market, declining inflation, and the lack of a recession thus far.

It also suggests that the Fed’s rate hikes are beginning to have a greater effect on the broader economy, and could solidify expectations that the Fed will not raise rates further. Most investors are expecting the central bank to forego a rate hike at its next meeting in September.

Last month the Fed raised interest rates again, bringing its target rate to 5.25% to 5.50%.

BIDENOMICS: WHY BIDEN GETS POOR RATINGS ON THE ECONOMY DESPITE IMPROVING NUMBERS

The Fed has carried out a historic effort to tighten monetary policy in response to the inflation that has wracked households over the past few years. Annual inflation, as measured by the consumer price index, fell from more than 9% last June to just over 3% this June.

Gross domestic product growth for the second quarter also outpaced consensus expectations at a 2.4% annual rate — showing that the economy is humming right along despite the Fed raising interest rates to the highest level in more than two decades.

Despite the positives, there are some signs of a weakening labor market.

CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER

The number of job openings in the United States decreased to 9.6 million in June, while still relatively strong, the decrease marks the lowest level of job openings since April 2021.