Kevin Hassett: June jobs data is 100% consistent with what we view as a very strong economy

Summary

Kevin Hassett discusses the June jobs report, emphasizing a strong economy driven by factory construction and manufacturing. He notes record-breaking new factory groundbreakings and expects job creation to follow in the fall. Hassett also argues that AI-driven productivity could support non-inflationary growth and potential Fed rate cuts, while a host speculates on oil falling to $50.

• Hassett says jobs data is fully consistent with a very strong economy.
• Manufacturing construction is booming due to many new factories being built across the country.
• The White House tracks record numbers of factory groundbreakings, with jobs from them expected by fall.
• AI-driven productivity could allow growth without inflation, giving the Fed room to cut rates.
• A host questions why the manufacturing data doesn't yet show the impact of hyperscaler and reshoring activity.
• The host also speculates that oil could drop to $50 or lower, easing inflation pressures.