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Gary Cohn Warns of Economic Slowdown Amid Rising Gas Prices

4/16/2026

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Summary

Story summary

Gary Cohn, former chairman of the National Economic Council, said at a Semafor event that the U.S. will not achieve 4 to 5 percent growth in 2026.
Cohn highlighted rising gas prices, up $1 per gallon due to the Iran war, as a recessionary signal.
He noted a sharp decline in monthly job creation, from over 100,000 to under 50,000.
Federal Reserve Chairman Jerome Powell acknowledged the cooling labor market.

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Story summary

Gary Cohn, former chairman of the National Economic Council, said at a Semafor event that the U.S. will not achieve 4 to 5 percent growth in 2026.
Cohn highlighted rising gas prices, up $1 per gallon due to the Iran war, as a recessionary signal.
He noted a sharp decline in monthly job creation, from over 100,000 to under 50,000.
Federal Reserve Chairman Jerome Powell acknowledged the cooling labor market.