Fewer Americans found jobs in August, signaling the labor market may finally be slowing along with the rest of the economy.

Employers added 351,000 jobs, down from over 528,000 last month. The unemployment rate ticked up to 3.7% from 3.5% as more people entered the labor force and were counted as unemployed.

That’s good news for the Federal Reserve, which has been hiking interest rates to weaken the job market as it tries to tackle soaring inflation.

Hiring has been one bright spot in a slowing economy: While the government estimates the economy shrank in the first six months of this year — an informal definition of a recession — employers have added an average of 440,000 jobs per month over the past three months, a blockbuster figure.

This is a developing story.