Squawk on the Street Hassett on Jobs and Trump's Tech CEO Summit, Potential $1T for Musk, Broadcom Surges 9/5/25
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Sep 5, 2025 
National Economic Council Director Kevin Hassett shares insights on the disappointing August jobs report and its implications for the economy. He discusses President Trump's recent tech summit and strategic efforts in the volatile job market amid rising AI automation. Attention also turns to Elon Musk's potential $1 trillion pay package tied to Tesla, alongside the stock market's record highs and shifts in sectors like housing and retail. A fascinating exploration of how technology and economic policies intersect is at the forefront.
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Jobs Weakness Doesn’t Signal Recession
- The August jobs print was weaker-than-expected but not recessionary according to hosts and Kevin Hassett.
- Capital spending and AI-driven productivity suggest supply-side growth that may offset soft payrolls.
AI Investment Not Yet Translating To Hiring
- Jim Cramer highlighted that data center and tech investment should create jobs but hasn't yet shown up in hiring figures.
- He suggested firms may be hesitant to hire because AI reduces the need for new workers.
Position For Rate-Driven Housing Upside
- Watch interest-rate sensitive sectors like housing and small caps when yields move lower after a weak jobs print.
- Consider positioning in mortgage-sensitive stocks if rate cuts materialize and mortgage rates ease.