Bloomberg Talks Director of the National Economic Council Kevin Hassett Talks Oil Price Pressure, US Jobs Report
Mar 6, 2026
Kevin Hassett, former Chair of the Council of Economic Advisers and National Economic Council director, weighs in on oil price pressure and the surprising February payroll loss. He discusses causes behind the jobs miss and why it may be an outlier. He also covers potential US responses to Middle East supply disruptions, SPR stance, naval escorts, insurance fixes, and how markets are being monitored.
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February Jobs Miss Likely A Transient Outlier
- The February payroll miss is likely an outlier driven by transient factors.
- Kevin A. Hassett cites extreme winter weather, West Coast strikes (30k–40k jobs) and a new BLS birth-death model increasing volatility.
Average Monthly Data Before Changing Views
- Don't overreact to single monthly economic datapoints; average through months to see underlying trends.
- Hassett recommends focusing on multiple indicators (ISM, claims) which point to strong GDP growth despite one weak jobs print.
Geopolitics Caused Short-Term Oil Shock Not Long-Term Shortage
- Near-term oil market volatility is driven by geopolitical disruption but longer-term outlook is for higher, stable supply.
- Hassett points to expected stable output from Venezuela and Iran ahead, which should lower risk premia once resolved.