The July unemployment report contains a hint of higher prices, and ensures the Fed will continue on its measured pace of rate hikes for at least the next two meetings, said Avery Shenfeld, economist at CIBC World Markets. Average hourly earnings rose 0.4% in July, the fastest pace in a year "and gives the report a whiff of inflation," Shenfeld said. "These are the kinds of numbers that make it a no-brainer for the Fed to raise rates at the next meeting and the meeting after that," Shenfeld said