CNBC, the nation's No. 1-rated TV financial channel, reported that the news on jobs was good but ominously added, "Beneath the surface, though, trouble lurked."

"The economy added 222,000 in June but wage growth remains muted at just 2.5% annually," according to CNBC. "Even a 4.4% unemployment rate hasn't been able to put pressure on salaries, which are growing at just a 2.5% rate annually."