NEW YORK (TheStreet) -- Federal Reserve Chairman Janet Yellen just breathed a sigh of relief.

Wall Street expected more jobs than the 209,000 added in July and it didn't anticipate the rising unemployment rate to 6.2%, but there's a few reasons this may have been good.

First, market chatter has been growing among investors that inflation could become an issue for the Fed, forcing the central bank to increase the federal funds rate earlier than expected.

Read More: The Curious Job of the Fed: Create Employment or Curb Inflation?

"The concern was that a really strong jobs report this morning was going to pull the Fed forward into the Spring of [next] year for the first interest rate move of the tightening cycle. This report probably didn't put that into play," Darrell Cronk, deputy chief investment officer at Wells Fargo Private Bank, said in an interview.

Members of the Fed, including St. Louis Fed President James Bullard, say they think the Fed should increase the fed funds rate by the end of the first quarter of 2015, but Yellen continues to reiterate they won't make that move for a "considerable" amount of time after the end of its economic stimulus program.

A large contributor to inflation in the economy is wage growth. The Bureau of Labor Statistics reported that wages increased 2% from a year ago, which lagged economists' consensus forecast for 2.2% growth.

This suggests that while the economy has strung together six straight months of adding more than 200,000 jobs, it hasn't brought with it a surge in wages.

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