President TrumpDonald TrumpMan sentenced to nearly four years for running scam Trump, Biden PACs Meadows says Trump's blood oxygen level was dangerously low when he had COVID-19 Trump endorses David Perdue in Georgia's governor race MORE’s top economic adviser said Friday that the strong jobs report shows fears of a recession are unfounded, dismissing concerns fueled by the recent stock market slide.
“There's no recession in sight, if I may,” National Economic Council Director Larry Kudlow told Bloomberg TV.
Kudlow pointed to the jobs report released Friday, which showed the U.S. economy far surpassed expectations by adding a “blowout” 312,000 new jobs in December.
“There’s this loose talk about recession with a lot of very — I don’t know — not hard data, surely,” he said. “The American economy is growing 3 percent solid. Job gains are huge and businesses are investing big time. So, it’s a much better, more optimistic picture than what we’ve been getting in the last month or two.”
The Dow Jones Industrial Average was up more than 400 points in part on Friday morning’s jobs news.
But stocks have plunged recently due to fears President Trump’s trade war with China is beginning to take a toll on U.S. companies.
The Dow closed down more than 600 points on Thursday after Apple dramatically slashed its earnings forecast earlier this week, citing slowing orders caused by global trade tensions.
Top White House economist Kevin Hassett said Thursday that things might get worse for U.S. companies before they get better.
“It’s not going to be just Apple,” Hassett said on CNN. “I think that there are a heck of a lot of U.S. companies that have a lot of sales in China that are basically going to be watching their earnings be downgraded next year until we get a deal with China.”