Hassett: US Unemployment Report Strong, Criticizes Powell

Kevin Hassett, Director of the White House National Economic Council, stated during Bloomberg’s Open Interest program that the June U.S. unemployment report was robust and that the labor market was on an upward trajectory. The report highlighted a decline in the unemployment rate and an increase in new job applications, indicating sustainable employment growth. While emphasizing the positive signals from the labor market, Hassett criticized former Federal Reserve Chair Jerome Powell’s continued tenure at the central bank. He argued that Powell’s extended term could undermine monetary policy independence and introduce uncertainty into the markets. Economists noted that June data showed easing inflationary pressure and continued growth in consumer spending, underscoring a strong performance in the U.S. economy’s recovery. Hassett’s remarks sparked debate among investors and analysts regarding monetary policy orientations and the future of central bank leadership, particularly concerning Powell’s tenure and decision‑making processes, which may pose market uncertainty. This is not investment advice.