White House Chief Economist urges the public to view economic data fluctuations rationally

Golden Ten Data reported on May 31 that White House National Economic Council Director Hassett stated on Sunday that the way media reports economic news often leads people to focus excessively on the most severe issue present at a particular moment. Speaking on ABC's "This Week," Hassett said, "One thing I noticed in the White House is that as soon as a piece of consumer price data appears a bit disappointing, that's all we talk about." He made these remarks regarding gasoline prices and their impact on inflation. Hassett said that everyone should look at the big picture, not just energy prices or a temporary problem area in the economy. "What you should do is calmly view these ups and downs and focus on changes in real wages," he said. "If you look closely, you'll find that thanks to an increase in employment, rising stock markets, and strong corporate profits, this is translating into higher wage levels."