Federal Reserve officials are moving toward their first rate cut since the 2020 pandemic downturn as they try to keep the economy from cooling too much. Friday’s fresh jobs data gave them reasons for both comfort and concern.

Unemployment eased slightly to 4.2 percent in August, from 4.3 percent in July — a sign that joblessness has not started a relentless march upward, which is welcome news for both American workers and Fed officials. But hiring was weaker than economists had expected, with 142,000 jobs added in August.