White House Director of the National Economic Council Kevin Hassett says that slower labor force growth was lowered the number of jobs needed to keep unemployment steady, with the breakeven hiring rate hovering around 40,000. Speaking to Dani Burger and Mike McKee on Bloomberg Open Interest, Hassett says that President Trump regularly speaks with Fed Chair Kevin Warsh and that it is natural for the two to discuss economic and labor market data.<br>See omnystudio.com/listener for privacy information.

White House NEC Director Kevin Hassett Talks Trump-Warsh Talks

Bloomberg Talks

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[SPEAKER_01] Bloomberg Audio Studios.

[SPEAKER_00] Podcasts, radio, news. Let's continue the conversation. We want to welcome to our global TV and radio audiences. I'm Dani Berger alongside Michael McKee. U.S. employers unexpectedly cut 23,000 jobs in July following a downward revision to May and June figures. Let's bring in White House National Economic Council Director Kevin Hassett. Director Hassett, great to see you this morning. And I know you've been saying post in reaction to this surprise loss in jobs

[SPEAKER_00] that you're mostly looking at the unemployment figure and it fell. However, as Mike just pointed out, labor force participation also fell, which is the reason that occurred. So looking at the figures in the state of this jobs market, are there any areas at all that you are concerned about?

[SPEAKER_02] Right. Well, first of all, you know, I've been talking about these numbers with Mike for how many years, Mike? 20 years. And so he really does raise some good points. And the thing that I would say is that because of our border policy and because of deportations and the retirement of the baby boomers, that labor force participation is kind of on a downward trajectory, which means that the break-even jobs number,

White House NEC Director Kevin Hassett Talks Trump-Warsh Talks

Read the full transcript

The candid version is on a podcast,
not the earnings call.

White House NEC Director Kevin Hassett Talks Trump-Warsh Talks

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.