WASHINGTON — Hiring by America’s employers picked up a bit in August from July’s tepid pace, and the unemployment rate dipped for the first time since March in a sign that the job market may be cooling but remains sturdy. Employers added a modest 142,000 jobs, up from a scant 89,000 in July, the Labor Department said Friday. The unemployment rate ticked down to 4.2% from 4.3% in July, which had been the highest level in nearly three years. Hiring in June and July, though, was revised sharply down by a combined 86,000. July’s job gain was the smallest since the pandemic. “The labor market is weakening,” said Eugenio Aleman, chief economist at Raymond James Financial. “It is not falling apart, but it is weakening.” The cooling jobs figures underscore why the Federal Reserve is set to cut its key interest rate when it next meets September 17-18, with inflation falling steadily back to its target of 2%. Friday’s mixed jobs report raises the question of how large a rate cut the Fed will announce. It could decide to reduce its benchmark rate by a typical quarter-point or by a larger-than-usual half-point. In the coming months, the policymakers will also decide how much and how fast to cut rates at their subsequent meetings. Christopher Waller, an influential Fed policymaker, suggested in a speech Friday that the central bank is leaning toward a quarter-point reduction this month. But he left the door open for…Read more