Former National Economic Council director Gary Cohn says the US job market is degrading, citing a slowdown in job creation from over 100,000 jobs monthly to under 50,000. He attributes this to companies cutting labor costs amid rising input prices and inability to raise consumer prices. This aligns with the Federal Reserve's recent interest rate cut, acknowledging a cooling labor market. Cohn believes this trend is widespread, not limited to the tech sector, and the Fed's response demonstrates its independence.

Prepared by Christopher Adams and reviewed by editorial team.