The US economy continued to roar to life under President Donald Trump and the Republican-led Congress this week, with new data showing the number of Americans filing for unemployment dropping to a 49-year-low.
According to CNBC, jobless claims dropped over 8,000 for the week ending September 29th to just 207,000; levels not seen since November 1969.
“The labor market, which is viewed as being near or at full employment, is steadily boosting wage growth, which could help to support consumer spending as the stimulus from the Trump administration’s $1.5 trillion tax cut package fades,” writes CNBC.
“Thursday’s claims report also showed the number of people receiving benefits after an initial week of aid fell 13,000 to 1.65 million for the week ended Sept. 22. The four-week moving average of the so-called continuing claims decreased 15,250 to 1.66 million, the lowest level since October 1973,” adds the article.
Read the full report at CNBC.
AMERICA UNLEASHED: Food Stamp Enrollment DOWN 2.8 MILLION Under Trump
The US economy continued to roar to life in July under President Trump and the GOP-controlled Congress, with new data showing nearly three million Americans have left the nation’s food stamp program since the President’s inauguration in January 2017.
According to the new statistics released by the Department of Agriculture, over 2.8 million people dropped the program since Trump took office; fulfilling a signature campaign promise to boost Obama’s stagnant recovery.
Millions drop off of ‘SNAP’ under Trump pic.twitter.com/CAjXVgtzTA
— Fox News (@FoxNews) August 6, 2018
The strong economic data -coupled with 4.1% growth in GDP in the second quarter of 2018- may spell disaster for Democrats heading into the midterm elections; with House Minority Leader Nancy Pelosi pledging to “repeal” the widely popular “GOP tax scam.”
AMERICA UNLEASHED: GDP GROWTH Tops 4.1% in SECOND QUARTER
The US economy continued to roar to life in the second quarter of 2018 with GDP growth topping a whopping 4.1%; signaling a robust recovery under President Trump and the GOP-controlled Congress.
According to CNBC, Gross Domestic Product posted its largest gains in over four years on the back of strong consumer confidence and record-breaking business growth and optimism following the Republican-sponsored tax cuts.
“That’s the fastest rate of the growth since the 4.9 percent in the third quarter of 2014 and the third-best growth rate since the Great Recession. In addition to the strong second quarter, the Commerce Department revised its first-quarter reading up from 2 percent to 2.2 percent,” writes CNBC.
“We’re on track to hit the highest annual growth rate in over 13 years,” said the President. “And I will say this right now and I will say it strongly, as the deals come in one by one, we’re going to go a lot higher than these numbers, and these are great numbers.”
Read the full report here.