NEC Dir. Kevin Hassett: Initial Claims for ‘Unemployment Insurance’ Are the Lowest They’ve Been Since the 1960s, a Sign We’re Running on All Cylinders

EXCERPT:

HASSETT: “And the bottom line, though, is that if you look at that, so the huge surge in capital spending, which means there’s downward pressure on inflation because there’s upward pressure on supply, plus CPI and PCE, those two reports were about as good as you could ever hope to see if you were a Federal Reserve governor. It means that the economy is really running on all cylinders. Finally, don’t underestimate the labor data. So, additional claims for unemployment insurance are the lowest they’ve been since the 1960s. And as you know, Maria, the job labor force is much bigger than it was in the 1960s. And so, to have claims that low is a sign that we really are running on all cylinders.”