Hassett Says Jobs Data Strong, Criticizes Fed's Powell

• The US economy added 57,000 jobs in June, below expectations, but Hassett believes the overall trend indicates an "upward trajectory" for the job market.
• Hassett argues that the "old-fashioned Phillips curve" (linking growth to inflation requiring rate hikes) doesn't apply in current conditions due to positive supply shocks like AI-driven productivity.
• He criticizes former Fed Chair Jerome Powell for not resigning, calling it "extremely unorthodox," and implies partisan motivations for past Fed decisions, while expressing confidence in hypothetical Fed Chair Kevin Warsh to be data-dependent.

White House National Economic Council Director Kevin Hassett discusses the June US jobs report, asserting the US jobs market is on an "upward trajectory" despite missing estimates. He attributes economic strength to a construction boom and productivity gains from AI. Hassett also criticizes former Federal Reserve Chairman Jerome Powell for remaining at the central bank, suggesting partisan motivations for past Fed actions, and expresses confidence in a hypothetical new Fed Chair, Kevin Warsh, to be data-dependent.