Hassett reacts to July job losses

By C-SPAN

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Kevin Hassett, director of the National Economic Council, on Friday brushed aside the job losses in the July labor report, describing them as an aberration in an otherwise "booming" economy. "The momentum in the economy continues to be strong," he said. "When we dug into the numbers, we saw there were really two special factors. One is there was a big decline in government employment, which is partly because of DOGE … and the end of the World Cup meant that a lot of hospitality workers were then laid off after the World Cup ended." The report showed a loss of 23,000 jobs last month, while the unemployment rate edged lower to 4.1%. "Our expectation is that everything else, which is saying that we're booming, is more consistent with the decline in the unemployment rate that we saw than in the payroll number," Mr. Hassett said. #hassett #julyjobs #laborreport #unemployment #cspan