Kevin Hassett on August Jobs Report and Economic Outlook

Reaction to the August Jobs Report

• 🗣️ Kevin Hassett addressed reporters regarding the August jobs report, stating President Trump's optimism for future job numbers.
• 💡 This optimism is based on observed massive blowouts in capital spending and new factory construction, attributed to tax reforms.

Economic Indicators and Growth

• 📈 Capital spending has grown at approximately 8% in the first half of the year and is accelerating in the third quarter, with GDP projected at 3%.
• 📊 Other indicators suggest low inflation and solid economic growth, alongside strong income growth.

Disappointing Job Numbers and Seasonal Adjustments

• ⚠️ The jobs numbers over the last three to four months have been lower than expected, which is the only disappointing aspect of the data.
• 🔬 A Goldman Sachs report suggests that summer seasonals in August can be unusual, with the advanced number typically being 60,000 to 70,000 lower than the final number.