GSAM has $2.6 trillion in assets under supervision.
The U.S. economy created 187,000 jobs in July, below expectations but slightly above June's downwardly revised figure of 185,000, the U.S. Bureau of Labor Statistics reported Friday.
The unemployment rate clocked in at 3.5% in July, basically unchanged from the prior month.
Economists had expected an increase of 200,000 jobs in July with the jobless rate at 3.6%, according to a survey by FactSet Research Systems, a financial data firm.
For the past 12 months, the U.S. economy has created 312,000 new jobs per month on average. The jobless rate has ranged in a narrow band from 3.4% to 3.7% since March 2022, the bureau said in a news release.
In July, average hourly earnings for all employees on private non-farm payrolls rose by 0.4%, Over the past 12 months, average hourly earnings have risen by 4.4%.
Also in the July report, job gains were seen in the health care, social assistance, financial activities and wholesale trade sectors, the bureau added.
The Federal Reserve is expected to closely examine the July jobs report as it prepares to release its next monetary policy decision Sept. 20.
As of Friday morning, according to CME Group's FedWatch tool, market participants' pricing of fed fund futures indicated an 80.5% probability that the central bank will hold rates unchanged at the next meeting, and a 19.5% probability it will hike rates by 25 basis points.
The Fed's key short-term interest rate is now in a range of 5.25% to 5.5%, after the central bank raised rates by 25 basis points at the July 26 meeting.
The benchmark rate is now at its highest level since January 2001.
Mark Hamilton, chief investment officer at Hirtle Callaghan & Co., said the jobs report offered further support for the soft landing view of the economy.
"Job growth of 187,000 remains strong but well below the unsustainable levels of last year," he said in an email. "Given downward revisions to prior (payroll) releases, the overall trend in job growth has returned to the pre-pandemic levels of 2018-2019."
Mr. Hamilton described the report as "balanced" and "steady as she goes" showing no signs of a potential recession.
Hirtle Callaghan has $18.5 billion in AUM.
Bryce A. Doty, senior vice president and senior portfolio manager at Sit Investment Associates, described the jobs report as "unusual" in that it reflected weaker-than- expected job creation but a lower-than-expected unemployment rate and stronger-than-expected wage growth.
However, Mr. Doty sees the jobs report as having "very little impact" on what the Fed will do.
Sit Investment has $15 billion in assets under management.
