Hassett: No chance of US recession
White House Council of Economic Advisers Chairman Kevin Hassett said he’s not worried about a recession hitting the U.S. economy.
“If you look at the jobs number on Friday,” he told FOX Business’ Maria Bartiromo on Monday, “I got a bunch of models that give you recession odds and they're all at about zero right now.”
U.S. employers added 196,000 jobs in March, after a weak February.
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What’s more, Hassett also said that “the most important metric” is income growth and it’s “really taking off.”
“You’ve got the bottom 10 percent of the income distribution—their incomes are growing north of 6 percent according to our latest estimate,” he said. “If your income just went up 6 percent—then your consumption should go up by about that this year and I think that that gives us a lot of downside insurance for a bad year.”