During a CNN interview on Sunday, National Economic Council Director, Kevin Hassett, responded to survey data showing a growing fear of a recession.
Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:
https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript
Stay Connected
Forbes on Facebook: http://fb.com/forbes
Forbes Video on Twitter: http://www.twitter.com/forbes
Forbes Video on Instagram: http://instagram.com/forbes
More From Forbes: http://forbes.com
Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:
https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript
Stay Connected
Forbes on Facebook: http://fb.com/forbes
Forbes Video on Twitter: http://www.twitter.com/forbes
Forbes Video on Instagram: http://instagram.com/forbes
More From Forbes: http://forbes.com
Category
🗞
NewsTranscript
00:00Well, right now, I mean, wealth has disappeared from the market.
00:03And as you know, the fears of a global recession or a United States recession
00:06have increased even among business supporters, business leaders who support President Trump.
00:13Well, what you're seeing is that the survey data is what we call the soft data.
00:18The survey data has been showing that people are anxious about the changes a little bit,
00:23but the hard data have been really, really strong, as you know.
00:25In fact, if you looked at the latest jobs report, it was way, way above even what I expected.
00:31And so what's happening is that people are racing to create jobs and to make stuff here in the U.S.
00:36If they make it in the U.S., they're not going to pay any tariff.
00:38And there's an explosion in the labor market that's really surprised me.
00:42And so you can't have a lot of new employment and then have like a recession.
00:47It's just, you know, the jobs data was from before the Liberation Day.
00:52I mean, there's before all these global tariffs.
00:55Well, not all those, but also it was clear, I think, that the jobs data were anticipation
01:00of something happening, something big.
01:02That would be only rational for firms to think that way.
01:04All right, Kevin Hassett, thank you so much for your time this morning.
01:06Really appreciate it.
01:07Great to see you.