US White House NEC Director Hassett says if you take out government workers and the World Cup, then the NFP print would have been 100k, speaking on Fox Business
Newsquawk European Market Wrap - 7th August 2026
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US White House NEC Director Hassett says if you take out government workers and the World Cup, then the NFP print would have been 100k, speaking on Fox Business
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- Looking almost exclusively at unemployment, which fell.
White House commentary on labour data follows a well-worn pattern: administrations characteristically reframe headline prints by stripping out components that flatter or flatter-away the narrative, and officials of this office have historically leaned on adjustments of exactly this kind when the headline number sits awkwardly with the preferred story. The mechanism here is worth noting precisely: excluding government payrolls and a one-off event-driven hiring bump is a claim about the underlying private-sector run rate, which is the series the rates market actually trades off, so the remark cuts both ways depending on whether it is read as downplaying a soft print or celebrating a firm one. The reference to the unemployment rate falling, and looking at it almost exclusively, signals the framing choice: the household survey measure is being elevated over the establishment survey, a distinction that has mattered in past episodes where the two diverged. Follow-ons of this kind typically include whether other officials or the statistical agencies echo or qualify the adjustment, and whether the subsequent revisions and the next print confirm the underlying trend being claimed. As messaging rather than data, the remark itself carries no new information beyond the headline it annotates.
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