US economy adds 142,000 jobs in August as labor market growth slows

The August US monthly payrolls figures came in below economists' estimates, with a reported increase of 142,000 jobs, compared to a forecast of 160,000 jobs. This follows a downward revision of July's initial jobs figure from 116,000 to 89,000, and a revision of June's payrolls figure from 179,000 to 118,000. The labor market data is significant as the US Federal Reserve prepares to cut interest rates for the first time since March 2020, and with the November election approaching, the state of the US economy is under scrutiny.