U.S. employers added 142,000 jobs in August, which was the lowest level of job growth in 2014 and fell well short of economists' projections.

Most economists predicted an increase of at least 200,000 jobs in August, based on positive signs for durable goods orders, construction activity and manufacturing in July and August, according to a report from The New York Times.

After getting the disappointing August numbers from the U.S. Department of Labor, some economists speculated that the jobs market was probably cooling off after six straight months of gaining at least 200,000 jobs per month.

"It presents a reality check versus other data, which showed more significant economic momentum heading into the third quarter," said Michael Gapen, senior U.S. economist at Barclays.

The unemployment rate did fall in August to 6.1 percent, from 6.2 percent in July. Labor Department numbers suggest that the unemployment drop is from people dropping out of the job search, rather than an increase in employment.

Gapen said that even though the economy grew 4.2 percent in the second quarter, the August jobs report indicated that the economy may be settling in for more moderate growth of around 2.5 percent for the rest of 2014.

Other economists say that August may just be a month to expect tepid job growth, as seven of the last 10 August jobs reports have underwhelmed.

"This looks like a breather, rather than a fundamental downshift," said Omair Sharif, senior United States economist at RBS.

The Labor Department report also revised the initial jobs reports from June and July, Forbes reported. The initial report said that June saw an increase of 298,000 jobs, but that was adjusted to a 267,000-job gain; July was adjusted to 212,000 from 209,000. Job growth has averaged 212,000 over the last 12 months.

"The number was a surprise and a disappointment but we do not believe that it indicates a slowdown in the US economy," said. Joseph Lake, U.S. analyst for The Economist Intelligence Unit.