White House’s Hassett and Kudlow doing the 1-2 spin job after jobs report.

Both White House advisor is speaking


  • does not think contraction has fully run course
  • US jobs report full of heartbreak, hardships
  • reopening phase will be intimate, spill into June
  • jobs numbers will continue to deteriorate
  • appropriate policies can make roaring economy in 2021
  • will see positive numbers and 2nd half of year
  • providing for virus safety should be fully deductible
  • having meetings with lawmakers of both parties
  • Trump weighing making business expenditures to make changes for coronavirus safety tax deductible
  • three quarters of today’s numbers are temporary layoffs
  • people expect to go back to work
  • unemployment numbers are heartbreaking
  • almost all unemployed expect to be re-hired by employer
  • next report could show 25% unemployment
  • payroll tax cut would only be a part of next package
Clearly there is a coordinated effort to use the word “heartbreaking” (and rightfully so).  They are also aware and touting that the numbers will get worse before they get better. The spin job is less rah-rah than the usual.
Stocks are not worried. They are trading at session highs as the two men finish their interviews.
S&P up 32.65 points at 2913
Nasdaq is up 81 points at 9060.62