During a CNN interview on Sunday, National Economic Council Director, Kevin Hassett, responded to survey data showing a growing fear of a recession.
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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,
00:22but the hard data have been really, really strong, as you know.
00:25In fact, if you look 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.
00:40It'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 of 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.
01:07Really appreciate it.
01:07Great to see you.