Group 1 - The core viewpoint is that the slowdown in U.S. job growth is more likely due to a decrease in worker demand rather than a decline in labor supply caused by tightened immigration policies [1] - Monthly job additions in the U.S. have decreased from approximately 150,000 in 2024 to about 50,000 in the first half of 2025 [1] - Daly noted that the simultaneous decline in labor demand and supply has kept the unemployment rate stable [1] Group 2 - The conclusions regarding the labor market are crucial for the debate on whether the Federal Reserve should further lower interest rates [2] - Daly believes that the impact of tariffs on prices has not led to widespread and sustained inflation dynamics, remaining largely confined to the goods sector [2] - The Federal Reserve needs to assess whether the U.S. economy is still at risk of inflation or if it is on the verge of an AI-driven productivity boom that could promote growth without raising prices [2]