US income growth is an 'insurance policy against bad GDP,' White House economist Kevin Hassett says
"But in the U.S., the thing that I've held onto is — I've refused to revise my forecast throughout the year ... is that income growth is still really strong," Hassett said.reported that nonfarm payrolls had increased by just 75,000 in May
, falling well below expectations and raising concerns about a weakening U.S. job market. Hassett said "pretty severe weather" may have played a role in shaving about 40,000 jobs off the final number. Job figures for April and March were also revised downward in the latest report — but the unemployment rate held to its 50-year low of 3.6% and average hourly earnings year over year ticked up to 3.1%.Hassett highlighted that year-over-year wage growth figures have hovered"When you get income growth like that, you tend to get lots of consumption growth, and that's kind of an insurance policy against bad GDP," Hassett said.
Trump announced Sunday that Hassett would be departing from his White House role at the end of June. The president said in a tweet that a successor for Hassett, "who has done such a great job for me and the Administration," would be announced after he returns to the U.S. from a state trip to Europe.on all Mexican imports unless that country stems the flow of migrants coming to the southern U.S. border.
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