Rates inched lower Friday following disappointing economic data. This morning, the Labor Department reported that the economy added 162,000 jobs in July, below the consensus forecast of 180,000. Figures from prior months were also revised lower. The Unemployment Rate, which is calculated differently and does not include workers who have exited the workforce, fell to 7.4%. Average Hourly Earnings, a proxy for wage growth, fell short of expectations with its first decline since October 2012. The Core PCE price deflator, the Fed’s preferred measure of inflation, rose 0.2%, and was a tame 1.2% higher than one year ago. Factory Orders increased 1.5%, a bit below forecast. Stocks moved lower. No other key data will be released today.