White House adviser says US GDP growth is nearing 4% as consumer spending holds firm

White House National Economic Council Director Kevin Hassett said US GDP growth is nearing 4%, with robust travel demand pointing to continued consumer spending power.

Strong discretionary spending on travel and hotels indicates that consumers remain confident about the economy and have money available for purchases, Hassett said.

In an October 19 interview with CNBC Television, Hassett described the consumer as the key measure of the US economy.

“We're almost at a 4% GDP growth,” Hassett said, characterizing the economy as expanding strongly.

He cited discretionary travel as evidence that people feel positive about their financial circumstances and can afford to spend.

Hassett also said consumer behavior diverges from negative economic polling. If those surveys accurately reflected conditions, he argued, people would not be traveling to upscale hotels, flying or buying cars.