This report, viewed in conjunction with the latest data that shows job openings still far surpassing the number of people looking for work, could put pressure on the Federal Reserve to continue its spate of aggressive rate hikes, he added.

"As [Fed Chair] Jerome Powell and his colleagues continue to judge the job market as hot, that stays on the side of the ledger compelling them to continue to raise interest rates," he said.

The Fed's monetary policymaking committee next meets in late September, providing for plenty more economic data points to get added into the mix. The next big one comes on Wednesday, when the BLS releases its closely scrutinized monthly Consumer Price Index data.

Analysts and economists on Friday said they expect the Fed to hike rates by at least 75 basis points in September.

This has made Friday's strong jobs report into a double-edged sword.

"What normally is good news for the economy, e.g., more people employed and earning a paycheck, has become a symbol of concern as inflation continues to remain above the Fed's target," Eugenio Aleman, Raymond James' chief economist, said in a statement.

And, in turn, aggressive actions from the Fed could hit the most vulnerable Americans the hardest, EPI's Gould said.

This report, viewed in conjunction with the latest data that shows job openings still far surpassing the number of people looking for work, could put pressure on the Federal Reserve to continue its spate of aggressive rate hikes, he added.

"As [Fed Chair] Jerome Powell and his colleagues continue to judge the job market as hot, that stays on the side of the ledger compelling them to continue to raise interest rates," he said.

The Fed's monetary policymaking committee next meets in late September, providing for plenty more economic data points to get added into the mix. The next big one comes on Wednesday, when the BLS releases its closely scrutinized monthly Consumer Price Index data.

Analysts and economists on Friday said they expect the Fed to hike rates by at least 75 basis points in September.

This has made Friday's strong jobs report into a double-edged sword.

"What normally is good news for the economy, e.g., more people employed and earning a paycheck, has become a symbol of concern as inflation continues to remain above the Fed's target," Eugenio Aleman, Raymond James' chief economist, said in a statement.

And, in turn, aggressive actions from the Fed could hit the most vulnerable Americans the hardest, EPI's Gould said.