GSAM has $2.6 trillion in assets under supervision.
The U.S. economy created 209,000 jobs in June, slightly above expectations, but below May's downwardly revised figure of 306,000, the U.S. Bureau of Labor Statistics reported on Friday.
The unemployment rate clocked in at 3.6% in June, unchanged from the prior month.
Economists had expected an increase of 205,000 jobs in June with the jobless rate at 3.6%, according to a survey by FactSet Research Systems, a financial data firm.
The consumer price index rose 4% in May, the smallest 12-month increase since March 2021, but well above the Fed's 2% target.
Joseph H. Davis, global chief economist and global head of the investment strategy group at Vanguard Group, and Andrew Patterson, senior economist at Vanguard, jointly stated that the Fed still has more work to do.
"At 209,000 (new jobs), the economy is still adding more jobs than new entrants to the labor market," they said by email. "Wage growth ticked up and remains well above levels the Fed would be comfortable with in their efforts to bring inflation back to 2%."
Vanguard has $7.7 trillion in assets under management.
The jobless rate has ranged in a narrow band between 3.4% to 3.7% since March 2022, the Bureau of Labor Statistics noted in the release.
Employment levels continued to trend up in the areas of government, health care, social assistance, and construction, the bureau added.
Over the first half of 2023, the economy has added an average of 278,000 jobs per month, well below the monthly average of 399,000 jobs for the comparable period in 2022.
June's job creation numbers were the weakest since December 2020, when the payroll dropped by 268,000.
The Federal Reserve will likely closely examine the June jobs report as they prepare to release their next monetary policy decision on July 26.