Today's weak payroll report will put the stock market in a grumpy mood, especially since it's a Friday.

The job market lost some of its punch last month as employers added 92,000 jobs -- the fewest number in five months, the Labor Department said today.

In a further sign that hiring has slackened somewhat, the government also reported that job growth in May and June was slower than first estimated and that the unemployment rate edged up last month to 4.6 percent from 4.5 percent.

The percentage of working-age Americans who were employed in July fell to 63 percent from 63.1 percent.

If payrolls are truly slowing--we'll need more data to see if it's a trend--then it's another reason for the Federal Reserve to cut interest rates.