US Job Market Cools with Fewer Job Openings

The U.S. economy showed signs of cooling as the job market added 142,000 new jobs in August compared to the forecasted 164,000, with the unemployment rate slightly decreasing to 4.2%. Initial filings for unemployment benefits declined to 227,000 last week, down by 5,000 from the previous week, extending to several states including New Jersey, Indiana, Maryland, North Carolina, Vermont, and Utah. Despite this, the number of new job openings reached its lowest in over three years, indicating a slowing labor market. The Federal Reserve is expected to consider these figures when deciding on a potential interest rate cut later this month. Wall Street experienced mixed reactions, with major indices showing both gains and losses amidst the economic data releases.