The single source is a CBS News article featuring comments from Gary Cohn, a former Trump administration economic official and current IBM vice chair, regarding the degrading job market. Cohn acknowledges the slowing labor market and the Federal Reserve's recent decision to lower its benchmark interest rate by 0.25 percentage points in response to this economic cooling. He explains that companies are now reducing labor costs—their primary controllable expense—to maintain profit margins amidst rising input costs, moving away from the post-COVID "labor hoarding" phase. The article notes that this slowdown is supported by declining job creation numbers and has led to political scrutiny, including the firing of the Bureau of Labor Statistics Commissioner. Cohn also praises the Federal Reserve’s recent actions and projections, suggesting they demonstrated their independence and made decisions based on current economic data.
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