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Cashin: This is not going to be a pleasant Christmas

The U.S. economy is slowing down and the latest jobs report confirms it, UBS' Art Cashin said Friday.

"And if you throw in there the layoffs that have been announced over the last month and a half, there's a real palpable feel that things are slowing down and it's not going to be a pleasant Christmas," the bank's director of floor operations at the NYSE said in a CNBC "Squawk on the Street" interview.

The Labor Department said the U.S. economy added 142,000 jobs in September, well below the expected 203,000. U.S.-based companies also cut 58,877 jobs last month, according to the latest Challenger, Gray & Christmas report.

The negative employment numbers will also cause the Federal Reserve to hold off on raising interest rates, Cashin said.

"If the data continues on this level, you won't be talking about a Fed hike; it won't be a debate," he said.