The White House economic advisor, Kevin Hassett, stated on Sunday that despite the predictions of economic pessimists and concerns about tariff policies and inflation, record-breaking sales on “Black Friday” indicate a positive economic outlook. This statement highlights the Trump administration’s optimistic attitude towards future economic growth.
Data from multiple research institutions show that American consumers demonstrated robust purchasing power under the stimulus of “Black Friday” discounts, with both online and offline sales reaching new highs, and foot traffic in retail stores exceeding pre-pandemic levels.
On Sunday, White House National Economic Council (NEC) director Hassett said on CBS’s “Face the Nation” program that online sales on “Black Friday” increased by approximately 10% compared to the same period last year, while in-store sales grew by about 4%, signaling resilience in the economy.
Hassett remarked, “The good news around Thanksgiving is a sign of stronger economic growth on the horizon.”
He added, “I think those who were anxious about people not buying gifts for their children this weekend were proven wrong.”
In recent times, some left-wing media outlets have continuously reported pessimistic economic forecasts, suggesting that Trump’s tariff policies could lead to cost increases, a weakened job market, and economic uncertainty, ultimately hindering economic growth, but these claims have been repeatedly dismissed by the White House.
Hassett believes that despite enduring a weeks-long government shutdown resulting in billions of dollars in losses for the U.S., strong consumer spending indicates the economy’s ability to rebound.
“I think the reason is that people’s incomes have increased this year. We have a very good jobs report, and with the strong income growth, we’re seeing the economy rebound strongly from the softness caused by the government shutdown.”
Thanksgiving and the subsequent “Black Friday” and “Cyber Monday” are crucial moments for the U.S. retail industry, typically contributing about one-third of the annual profits.
According to a survey by the National Retail Federation (NRF), approximately 186.9 million Americans are expected to shop between Thanksgiving and Cyber Monday, representing a 1.9% increase from last year’s 183.4 million people, aiming to set a new high for the same period in history.