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 good news for both American workers and Fed officials. But hiring was weaker than economists had expected, with 142,000 jobs added in August.

Altogether, the report suggested that the job market is slowing — but not imploding — more than two years into the Fed’s campaign to slow the economy with higher interest rates. And that has kept investors guessing about just how much the Fed will cut rates later this month.

Fed policymakers raised interest rates starting in 2022 to tap the brakes on a hot economy. At the time, hiring was rapid and wage growth robust, and officials worried that a burst of rapid inflation would not fade on its own against that backdrop. They ultimately lifted borrowing costs to a more than two-decade high of 5.3 percent, where they remain.

But inflation has been cooling notably and wage gains have been steadily moderating, so Fed officials have become increasingly wary of overdoing it. They wanted to return the job market and economy to a sustainable pace, but they do not want to cause either to crash.

That is why the Fed is poised to lower interest rates. The question has been whether policymakers would cut rates by a quarter percentage point or a half percentage point at their Sept. 17-18 gathering. That was one reason that Wall Street was intently focused on Friday’s jobs report: If it showed clear cracks in the labor market, investors expected it to prod the Fed toward a more dramatic rate cut.