Slowing but steady job market reported in August

Concerns about inflation have increasingly turned to concerns about the job market. Last month's weaker than expected jobs report led to turmoil in stocks.

The U.S. added 142,000 jobs in August, according to the Bureau of Labor Statistics report on Friday. The figure was lower than expectations.

The reports showed a slowing but steady job market. The unemployment rate fell to 4.2%.

Jobs were added in construction and health care, according to the Bureau of Labor Statistics. The numbers for July and June were revised to show 86,000 fewer jobs than previously reported.

While these numbers are lower than expected and show a weakening job market, for now, this economy is still adding a decent number of jobs. Given this latest data, the Fed is still on track to cut interest rates at its next meeting on Sept. 18.

Fed Chair Jerome Powell last month said "the time has come" to lower interest rates.

Powell indicated the Fed would soon bring interest rates down from a 23-year high. The shift could lower borrowing costs for everything from credit cards to auto loans to mortgages.

While the unemployment rate remains historically low, it ticked up to 3.8% last month. A sharp downward revision of job growth estimates in June and July lowered those totals by a combined 110,000 jobs.