Kevin Hassett Admits Jobs Report Is a 'Disappointment'

"Hassett joined CNBC's Squawk on the Street on Friday morning shortly after the latest jobs report dropped, showing the labor market continuing to cool down. Jut 22,000 jobs were added by employers in August, a drop from more than 70,000 in July and far less than the 70,000 additional jobs that were being predicted by some for August. Unemployment also ticked up to 4.3%."

"This jobs number was certainly a little bit of a disappointment right now, but one of the things, there was a Goldman Sachs study that came out yesterday that showed that because the BLS hasn't really done a good job on its seasonal adjustment in August, that they tend to revise this number up by almost 70,000 jobs when they give the revised number a month later, he said."

"We're having a capital spending boom. Capital investment is up 8 percent over the first half of the year, which is really, you know, record, record growth in capital spending, he argued. We've got industrial production at the highest level it's ever been. And so we're really cruising into, I think, the kind of capital spending boom we had the last time that we had the big corporate reform."

Kevin Hassett admitted the August jobs report was disappointing and spoke about it on CNBC's Squawk on the Street after the report. Employers added just 22,000 jobs in August, down from more than 70,000 in July, while unemployment rose to 4.3 percent. The report followed President Trump’s firing of the Bureau of Labor Statistics commissioner amid accusations of falsified data. Hassett cited a Goldman Sachs study that attributes part of the weak August print to flawed seasonal adjustment and said revisions often add about 70,000 jobs the following month. He pointed to an 8 percent rise in capital investment and record industrial production as evidence of a capital spending boom.

Read at www.mediaite.com