NEC Director Kevin Hassett on May jobs report: This is a job market that's hitting on all cylinders

Summary

White House NEC Director Kevin Hassett reacts to the May jobs report, calling it a strong, supply-side-driven job market. He argues the Fed can wait to cut rates and should not hike. He also discusses oil inventories and AI's impact on employment.

• Kevin Hassett says May jobs report is hitting on all cylinders with strong hiring and upward revisions.
• He attributes the strength to supply-side policies like expensing for factories and tax cuts on tips and overtime.
• Hassett argues the strong job market is not inflationary in a Phillips-curve sense, giving the Fed room to cut later.
• He notes government hiring is mostly local and seasonal, not a concern.
• On oil, he says inventories are ample and a Strait of Hormuz closure is not an immediate problem.
• Hassett comments that AI is boosting employment at companies that adopt it.