The U.S. economy created slightly fewer jobs than expected in August, reflecting a slowing labor market and clearing the way for the Federal Reserve to cut interest rates later this month.
Nonfarm payrolls rose by 142,000 this month, down from 89,000 in July and below the Dow Jones consensus forecast of 161,000, according to a report released Friday by the U.S. Department of Labor’s Bureau of Labor Statistics.
At the same time, the unemployment rate fell to 4.2% as expected.
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