NEC Dir. Hassett: We Have a Jobs Report That Was Way More Than ‘Double Expectation,’ the Upward Revisions Were Ginormous

EXCERPT:

HASSETT: “It was really one of the better jobs weeks that I’ve ever seen because we had initial claims for unemployment insurance go down, even from about the lowest levels since World War II. We had the jobs openings say there are a lot of jobs openings and also that the quit rate went up, which means that people are so confident that if they leave their job, they’re going to get a better job, that they’re even quitting. And now we have a jobs report that was way more than double expectation, and the upward revisions were ginormous for the last couple of months. And so, what we’ve got is a job market that’s hitting at all cylinders. And what I believe and I think what the White House believes, is that Kevin Warsh had it right when he gave a speech about growth like this, where he said that if you have supply-side growth, then it’s not necessarily inflationary."