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Tag Archives: economy

Fourth Quarter Growth Adjusted Upward to 2.9 Percent

That’s three straight quarters of approximately 3 percent growth. Those are the first full quarters that Donald Trump had been president. It’s now inarguable the Trump has been good for the economy.

However, growth for the current quarter is expected to be more like Obama-era growth. But we’ll see. I wouldn’t be surprised if a lot of economists are rooting for Trump to fail and so they bias their forecasts, even if unintentionally.

From the Wall Street Journal:

The U.S. economy entered 2018 with stronger momentum than earlier thought, though corporate profits weakened at the end of 2017 against a backdrop of significant changes to the tax code.

Gross domestic product, a broad measure of the goods and services produced across the U.S., rose at a 2.9% annual rate in the fourth quarter, adjusted for seasonality and inflation, the Commerce Department said Wednesday.

That exceeded economists’ expectations and was up from a previous estimate of 2.5%growth, and only a little slower than the third quarter’s 3.2% growth and 3.1% growth in the second quarter. Consumer spending was revised higher for the fourth quarter, and private inventories exerted a smaller drag on growth than earlier thought.

Overall growth in the almost-finished first quarter is shaping up on the softer side; forecasting firm Macroeconomic Advisers on Wednesday projected a 1.8% growth rate for GDP in the first three months of the year.

Americans’ View of the Economy is the Most Positive in Nearly Two Decades

Please permit me to interrupt your Stormy Daniels programming for a moment.

Americans’ satisfaction with the economy is soaring under President Trump, with the number who view conditions positively at the highest point in nearly two decades, according to a new survey by the nonpartisan Pew Research Center.

Fifty-three percent of Americans now say the economy is in either good or excellent shape, the highest tally since January 2001, just before Bill Clinton left office. That means that Americans already have a more-positive view of the economy under Trump than at any time under his two predecessors, Barack Obama and George W. Bush.

The number of Americans with a looking favorably on the economy has soared more than 20 points since the question was asked by Pew in late November and early December of 2016, just after Trump was elected, when only 31 percent said things were going well. The tax cut package signed in December 2017 by Trump appears to have had some effect, given that number offering a positive opinion of the economy has jumped 12 points from 41 percent the last time the poll was taken in October 2017.

Americans would appear to have the data on their side. In 2017, the economy grew at more than three percent for two straight quarters – the second and third – for the first time since 2014. Fourth quarter growth was a solid 2.5 percent.

The positive view of the economy is driven by Republicans, 74 percent of whom now rate conditions as good or excellent. But more than a third of Democrats, 37 percent, also have a positive view of the way things are going.

Still, only 30 percent of Americans say they are satisfied with conditions in the country generally, exactly the same proportion as just after Trump’s election. Fifty percent say their personal finances are either good or excellent, just four points higher than in the late November-early December 2016 poll.

According to the same Pew poll, the cost of healthcare has the highest effect of any factor on people’s financial situations, with 53 percent saying it impacts them “a lot,” even eight years after Barack Obama signed the “Affordable Care Act.” Food and consumer good prices placed second at 48 percent. Though Trump frequently touts the extraordinary gains in stock prices since he became president, just 21 percent say the stock market affects their financial situation a lot.

The vast majority of American expect the economy to stay the same or get better. Only a quarter expect conditions to worsen over the next year.

The poll was conducted March 7-14 among 1,466 adults and released March 22. For data about perceptions of the economy before February 2004, Pew uses Gallup polling data.

CNN Admits Trump Tax Cut Helped the Economy

Well this is a nice turn of events.

First of all, the economy. Employers added 200,000 jobs last month, a strong number. But even better news was the rise in incomes, which has mostly stagnated under President Obama. And even more surprising news: CNN thinks Trump is partially responsible for it.

According to CNN’s Alison Kosik:

Wage growth jumped from 2.5 percent to 2.9 percent, that’s a huge jump, and you can attribute that for a couple of reasons. For one: The tax plan

Maybe, to take the name of the show this was broadcast on, it’s a “new day” at CNN.

Nah, probably not.

Here’s Today’s Good Economic News You’re Not Hearing About

Because, you know, nothing President Trump does is good. Because Russia, okay? Did anybody not get it? Russia. Collusion. Manafort. Man the Fort. Carter somebody. Yes, Page. Carter Page. Papanopouladapopadous. That guy. Mooler. Is it Mooler or Myuler? I don’t know. I think Myuler. There’s more than today’s obvious news that the unemployment rate dropped… Continue Reading

Economy Adds 209,000 Jobs in July

From the Wall Street Journal: There’s lots to like in July’s jobs report. Employers added 209,000 jobs last month, more than forecast. Wage growth rose 2.5% in July from a year earlier, not amazing but steady and right in line with expectations. Hours worked per week by private employees held steady at 34.5. The jobless… Continue Reading

Obama’s Parting Gift: Lowest Economic Growth in Five Years

President Obama walked offstage, and the press applauded him, as if he were some kind of extraordinarily successful, accomplished president. But he failed on both the economy and foreign relations. What else is there? Golf. From the Washington Examiner: Economic growth slowed to end 2016, the Bureau of Economic Analysis reported Friday, but still remained… Continue Reading

The Obama Economy and the Fed’s New Pessimism

Remember all that talk over the previous months about steady interest rate increases by the Fed? Well, forget about it. The Fed made clear this week that it understands that the Obama economy is not going anywhere and, therefore, neither are rates. President Obama actually thinks he’s doing a great job with the economy. The… Continue Reading

Obama Whines About Lack of “Credit” for Economy as it Tanks

Okay, Mr. President. At White House Dossier, you get all the credit. We’re basically within an accounting error of a recession, and President Obama is front and center on the New York Times website Thursday grumbling that he is not getting credit for fixing the economy. The economy, in the first quarter of 2016, grew at an annualized… Continue Reading

OECD: U.S. Economic Growth to Slow Again

One of the enduring myths of the past few years, trumpeted by the White House and accepted by much of the press, is that President Obama has led the economy back to a state of strong, or even solid, growth. Despite annual evidence to the contrary, the myth persists. If you climb Mount Olympus on… Continue Reading

Economy Contracts; White House: Everything’s Still Cool

The White House today downplayed news that the economy contracted 0.7 percent during the first quarter of the year, arguing “the most stable components of GDP” were growing quite nicely. The new number was a downward revision of the previous estimate that GDP had increased by a mere 0.2 percent. From White House Council of Economic Advisor Chairman Jason Furman: Today’s downward revision… Continue Reading