Economy Has Recovered Pandemic Job Losses On Way Toward ‘Steady And Stabler Growth’: Bernstein

Jared Bernstein, a member of the White House Council of Economic Advisers, joins Andrea Mitchell to analyze the July jobs report, which showed the economy added 528,000 jobs in July and unemployment remained relatively low at 3.5% despite burgeoning inflation and interest rate hikes from the Federal Reserve. “We have now clawed back all of the jobs that were lost from payrolls due to the pandemic-induced recession,” says Bernstein. “Consumer spending is almost 70% of this economy and most people get their paychecks through the job market, of course. So that's why we think that this is consistent with a transition to steady and stabler growth.”