Hassett: expect slightly smaller job numbers

Investing.com -- National Economic Council Director Kevin Hassett indicated that Americans should prepare for smaller job growth numbers in coming months, though this doesn't signal economic weakness.

Speaking on CNBC Monday, Hassett explained that declining population growth combined with rising productivity will naturally result in lower monthly job creation figures.

"I think that you should expect slightly smaller job numbers that are consistent with high GDP growth right now," Hassett said. "One shouldn't panic if you see a sequence of numbers that are lower than you're used to, because, again, population growth is going down and productivity growth is skyrocketing."

The upcoming January jobs report, set for release Wednesday, is forecast to show 69,000 new jobs added while the unemployment rate remains at 4.4%. The report will include historical revisions expected to reduce previously reported payroll figures for the year through March 2025.

Hassett noted that the "breakeven rate" - the monthly job creation needed to maintain a stable unemployment rate - is now "quite a bit lower" than during former President Biden's administration.

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