The July employment report will be a messy one for the Federal Reserve to read. New evidence the labor market is not reaccelerating could take some of the edge off the case for raising rates next month, but this is all still subject to better inflation data. Officials held rates steady last week but three of 12 officials voted for a rate increase. A declining unemployment rate will continue to keep the focus on inflation data. Whether price pressures are building or fading will determine whether more officials conclude that they can no longer maintain their forecast for inflation to return to their target with rates remaining at the current setting. A mild inflation report would reinforce the case for holding (because two cool months in a row start to look like a trend rather than noise). A firm one would put the forecast back in doubt and give the dissenters a fourth vote to look for.(Nick Timiraos)