Overview

• Gary Cohn told CBS’s Face the Nation that recent hiring has weakened and described the job market as having degraded, while noting the downturn could prove temporary.
• He cited recent data showing monthly job creation falling from well over 100,000 to under 50,000 over the past three to four months.
• Cohn said corporate leaders across industries are reducing human capital costs, including allowing workforces to shrink through attrition, to protect margins as input costs rise.
• The Federal Reserve cut its benchmark rate by 0.25 percentage points last week, with Chair Jerome Powell saying the labor market is “really cooling off” and that risks to employment look different now.
• The scrutiny of jobs data has intensified after the White House questioned official figures and President Trump last month dismissed BLS Commissioner Erika McEntarfer following a weak July report.