The US economy continues to soar under President Trump and the Republican-controlled Congress, with jobless claims dropping to just 221,000 in the first days of February; the lowest figures seen since March of 1973.
The 45-year-low signals the American recovery is in full-swing following years of low GDP growth and stagnant wages. Economists cite the recent gains as a direct result of a strong job growth and the President’s recently signed overhaul of the nation’s overly complicated tax system.
According to MarketWatch, the stunning numbers are a result of “big declines” in unemployment claims in Missouri, California, and New York; a result of 200,000 new private payroll jobs in January and an unemployment rate hovering at just 4.1%.
“Even better, the long-awaited uptick in worker wages might be in the offing. The yearly increase in hourly pay rose to a nine-year high of 2.9%,” MarketWatch adds.
The rosy economic outlook comes as major American corporations -such as AT&T, Walmart, Disney, Starbucks, American Airlines, Home Depot, FedEx, UPS, Visa, and others- announced their plans to raise wages, expand benefits, and pay out big bonuses in the wake of the GOP-led tax cuts late last-year.
GREAT AGAIN: $2 TRILLION Added to US Economy Under President Trump
The United States Stock Market has added over $2 trillion to the American economy since President Trump won the 2016 presidential election; smashing expectations and further signaling a robust recovery following years of stagnant growth under Barack Obama.
According to CNBC, the S&P 500 stock index grew by $2.04 trillion since Donald Trump defeated Hillary Clinton last November; soaring after the election on renewed hopes of significant tax reform and the reduction of burdensome regulations imposed by Trump’s predecessor.
The largest gains were seen in information technology, financial services, healthcare, and materials.
President Trump now sets his sights on reforming the nation’s complicated and outdated tax code, a key campaign promise to deliver tax relief to millions of American families and businesses.
“People are in wait-and-see mode in terms of tax reform. We get a bit of a pop every time it gets mentioned, but I think the market is in a bit of disbelief,” said one market strategist.
Analysts also credit President Trump’s pledge to rebuild the American military with the massive rise in stocks associated with Defense contracts, reporting some businesses have seen growth of 30% since the US election last fall.
GREAT AGAIN: Dow SOARS 31% Under TRUMP, Best Year Since GREAT DEPRESSION
As Democrats and Republicans scramble to reach a last-minute agreement to avert a federal government shutdown, the stock market continues to smash records under President Trump; soaring 31% in his first year in office and posting the greatest gains since President Franklin Roosevelt.
According to CNBC, the Dow has surged over 31% since President Trump’s inauguration in January 2017, marking the largest increase since Franklin Delano Roosevelt’s first year in office which saw the Dow “skyrocket” by 96.5% following the Great Depression.
“This is all about policy,” said a chief investment strategist at Baird. “You’ve got lower taxes, less regulation and confidence in the economy is high. Things are firing on all cylinders.”
President Trump rode a wave of economic promises and policies into the Oval Office throughout the 2016 presidential race; vowing to put “America First” and unleash “the power of the American worker.”
Trump touted the economic gains throughout the country at a rally in Pennsylvania Thursday, saying the US is “coming back bigger and better.”
“We are coming back bigger and better and stronger than ever,” said the President. “At the center of America’s resurgence are the massive tax cuts that I just signed into law.”