Kevin Hassett: Why strong jobs data may not mean a Fed hike

The October jobs report blew past expectations, and White House National Economic Council Director Kevin Hassett tells Yahoo Finance's Jennifer Schonberger the labor market is about as strong as it gets. He walks through record-low jobless claims, rising quit rates and wage growth, and explains why he thinks supply-driven growth does not have to be inflationary, even as markets expect a December Fed rate hike. Hassett also addresses the postponed hearing for Fed Governor Lisa Cook and whether the midterm results could slow the data center build-out.

00:00 "As good as it gets" for the labor market

01:24 Wages and consumer spending

02:48 What the jobs report means for the Fed