US economy in August adds slightly more jobs compared to last month, jobless rate drops to 4.2%

The unemployment rate announced Friday marked the first drop since March
Unemployment application, April 16, 2020, Arlington, Va.

The Labor Department reported Friday the U.S. economy in August added 142,000 jobs and the unemployment rate for the month was 4.2%, the first monthly drop since March. 

Hirings last month also increase since July, when the number was a slight 89,000, according to the Associated Press

The unemployment rate in July was 4.3%, which had been the highest in nearly three years, the wire service also reported.

Economists say the numbers are a sign of a slowing job market, struggling under high interest rates.