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Feb 09
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WATCH
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Kevin Hassett
Director, White House National Economic Council
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Upcoming jobs data might look weak (low payroll additions), but investors should not panic or assume a recession. A "break-even" jobs number is now lower than before because 1) AI allows companies to grow GDP without adding headcount, and 2) the labor supply is shrinking due to stricter immigration/deportation policies. GDP is growing at 4% despite "not great" jobs news and higher layoffs (Challenger, Gray & Christmas data). Misinterpreting low job growth as a recession signal could lead to premature selling or policy errors. |
CNBC
Watch CNBC's full interview with White House ...
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