Mixed jobs report adds to US economy concerns

Job growth in the US was weaker than expected last month, raising concern that the world’s largest economy is starting to stumble under the weight of higher interest rates.

Employers added 142,000 jobs in August, less than the 160,000 analysts had forecast, the Labor Department said. It also said job gains in the previous two months were lower than initially estimated.

However, the jobless rate fell back, dropping to 4.2% from 4.3% in July.

The report is one of the most important gauges of the US economy and comes at a critical time, as voters weigh presidential candidates for the November election and the US central bank debates its first cut to interest rates in four years.