This is a point of contention among economists, as the current economic conditions are quite unlike most others seen. US/China decoupling is causing massive shocks across the world.

The US Federal Reserve is responding to these economic conditions far stronger than any other central bank, and the US dollar has grown in strength accordingly. Weakening the labor market is one of the goals. That will mean lots of layoffs, in exchange for a reduction in inflation (and domestic purchasing power).