The U.S. labor market showed further signs of strain in August, as nonfarm payrolls increased by only 22,000, well below market expectations of 75,000.

The latest minutes from the Federal Reserve’s policy meeting show growing disagreement among policymakers. While most members stressed that inflation is still the main threat to the economy, others pointed to weakness in the labor market, highlighting the challenge of balancing growth with price stability.

Steve Miller, Chair of the ISM Services Business Survey Committee, said tariff concerns remain central to business sentiment.