Kevin Hassett acknowledges wages trailed inflation for two or three months

Wage growth ran behind inflation for two or three straight months, even as the administration promoted a booming economy. Kevin Hassett described the gap as a short stretch, not a broader breakdown, and pointed to travel, air travel, car purchases and other consumer spending as signs that activity remained strong.

That argument now runs into renewed inflation pressure. September consumer prices rose 0.6% month over month, while core inflation increased 0.3%.