Kevin Hassett, director of the White House National Economic Council, said U.S. GDP growth was nearing 4%, using travel and other purchases to argue that consumers remain able to spend.
In an Oct. 19 interview with CNBC Television, Hassett pointed to hotel stays, flights and car purchases. He presented them as discretionary choices that households could afford to make.
Hassett said those purchases conflicted with the negative picture in economic surveys. His near-4% figure was his assessment of GDP growth.
In earlier remarks on September inflation, Hassett also described consumers as confident and spending more. He said the Federal Reserve should monitor household spending.
