National Economic Director Kevin Hassett says the White House has no plans to tap the Strategic Petroleum Reserve to bring down oil prices. He says the US nonfarm payrolls report for February, which showed a loss of 92,000 jobs, was an "outlier." He speaks to Jonathan Ferro. -------- More on Bloomberg Television and Markets Like this video? Subscribe and turn on notifications so you don't miss any videos from Bloomberg Markets & Finance: https://tinyurl.com/ysu5b8a9 Visit http://www.bloomberg.com for busine ...

Core Insights - The recent benchmark revision revealed a downward adjustment of nearly 900,000 jobs, with total revisions exceeding 1 million by December of the previous year, indicating significant changes in the labor market [1][4][6] - January's payroll numbers showed unexpected improvement, with a decrease in the unemployment rate, suggesting a potential stabilization in the labor market [2][7] - The revisions reflect ongoing dynamics in the labor economy, including immigration trends and labor demand not keeping pace with supply, complicating the understanding of job creation [8][9][10] Labor Market Dynamics - The annual benchmark revision indicates a loss of approximately 83,333 jobs per month over the past year, highlighting a concerning trend in job creation [3][5] - The revisions are not surprising to the Federal Reserve, as they were anticipated based on preliminary estimates published earlier [6][7] - The labor market is experiencing unusual dynamics, with abrupt swings in employment figures, which may not necessarily indicate a recession but reflect a complex economic environment [16][17] Implications for Policy - The significant revisions provide better data for policymakers to understand the labor market, although challenges remain in accurately measuring real-time economic conditions [13][14] - The current labor market situation, characterized by a gradual rise in unemployment without a recession, may represent a "soft landing" scenario, but it does not imply overall economic health [16][17] - Wage growth is slowing, and the job market remains tough for new entrants, indicating ongoing challenges despite some positive indicators [11][12]