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June's jobs report is yet another sign pointing to the US job market cooling. PNC Financial Services Group chief economist Gus Faucher joins Market Domination to discuss the reading and what it means for the overall economy.

"I read this report as being very positive. The job market continues to improve, but the pace of job growth is slowing towards a more sustainable pace over the longer run. We saw slower wage growth, which is reducing inflationary pressures from the labor market. But at the same time, wages are increasing more quickly than inflation. So household incomes are going up and the economy should continue to expand. So I think if you're at the Fed, this is what you want to see," Faucher explains.

He notes that the unemployment rate at 4.1% indicates "a bit more slack in the labor market." He explains that the Federal Reserve is balancing the right time to cut without stoking inflation. He anticipates the Fed's first interest rate cut to come in November since they risk political criticism if they cut in September.

For more expert insight and the latest market action, click here to watch this full episode of Market Domination.

This post was written by Melanie Riehl