Photograph by A. Vine/Daily Express/Getty Images

The latest jobs news from the Bureau of Labor Statistics—U.S. employers added 164,000 jobs in July—wasn’t a shock. It came in right in line with the 165,000 economists were expecting.

That’s just fine for the stock market. It keeps the prospect of further cuts in interest rates on the table, and investors have been weighing the chances of more reductions since Federal Reserve Chairman Jerome Powell made it clear that the quarter-point cut announced Wednesday might not be the first in a series.

A jobs number weaker than the one we got Friday would have increased the likelihood the

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