Kevin Hassett on November Jobs Report, Interest Rates, and Economic Growth

November Jobs Report Analysis

• 📊 The November jobs report showed private sector gains of approximately 120,000 jobs, with a decrease of about 160,000 federal government workers due to buyouts.
• 📈 This private sector growth is described as a solid upward trajectory, consistent with trends seen throughout the year.
• 🎯 The president's administration highlights approximately 700,000 private sector jobs created since he took office.
• 💡 The jobs numbers were largely in line with expectations, surprising few within the administration.

Economic Growth and Interest Rates

• 🗣️ The president has expressed a desire for interest rates to be lower, a sentiment shared by many, including Kevin Hassett.
• 🚀 The argument for lower rates is based on a supply-side push driven by new factory openings and construction employment, rather than demand-driven growth.
• 💰 This supply-side shock, attributed to policies like "the big beautiful bill" and trade policy, is seen as putting downward pressure on prices and upward pressure on growth.
• 🌍 Central banks globally are reportedly observing similar economic indicators, suggesting a shared understanding of these dynamics.