WASHINGTON (Reuters) -The economic impact of the U.S. government shutdown is far \u200bworse than expected, but the U.S. \u200ceconomy is likely to rebound quickly once it ends, White House economic \u200cadviser Kevin Hassett said on Friday.<\/p>\n
Construction projects are starting to slow down and travel is suffering, Hassett said in an interview with Fox Business Network.<\/p>\n<\/p>\n
“Travel and leisure is a place \u2060that’s really being \u200cheavily hit right now, and if it continues to get hit, if the air \u200dtravel thing goes south for another week or two, then you could say that they would have at least a near-term downturn,\u200b” Hassett said.<\/p>\n
Hassett, director of the National Economic \u200cCouncil, stopped short of saying any pocket of the U.S. economy was in recession, not going as far as Treasury Secretary Scott Bessent did last week.<\/p>\n
The labor market is a bit softer, in part because of uncertainty \u2060caused by the 38-day government \u200bshutdown, Hassett said on “\u200bMornings with Maria.”<\/p>\n
Hassett said he was disappointed after Federal Reserve Chairman Jerome Powell said the Fed could \u200dpause interest rates \u2060in December.<\/p>\n
In remarks to reporters later at the White House, Hassett said he expected the U.S. \u2060economy to bounce back quickly once the federal government reopens. \u200c<\/p>\n
(Reporting by Doina Chiacu; Editing by \u200cAidan Lewis and Louise Heavens)<\/p>\n","protected":false},"excerpt":{"rendered":"WASHINGTON (Reuters) -The economic impact of the U.S. government shutdown is far \u200bworse than expected, but the U.S.…\n","protected":false},"author":2,"featured_media":278006,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[28,104798,10195,101,48295,9292,37419,3123],"class_list":{"0":"post-278005","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-business","9":"tag-economic-adviser","10":"tag-economic-impact","11":"tag-economy","12":"tag-fox-business-network","13":"tag-government-shutdown","14":"tag-kevin-hassett","15":"tag-white-house"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/278005","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=278005"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/278005\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/278006"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=278005"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=278005"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=278005"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}