The US economy continued to roar to life under President Trump and the GOP-controlled Congress this week, with new unemployment figures showing jobless claims hovered at a half century low for a “second straight week.”
According to the Wall Street Journal, “The number of Americans filing applications for new unemployment benefits fell last week, remaining at a half-century low for the second-straight week.”
“Initial jobless claims, a proxy for layoffs across the U.S., fell by 1,000 to a seasonally adjusted 204,000 in the week ended Sept. 8, the Labor Department said Thursday. This is the lowest level since December 1969. Unemployment benefit applications were near this level last week too,” adds the article.
The strong economic data may spell disaster for Democrats this fall, with House Minority Leader Nancy Pelosi vowing to repeal the “GOP tax scam” should her party retake control of Congress after the 2018 midterm elections.
Read the full story at the Wall Street Journal.
GREAT AGAIN: GDP Smashes Expectations, HITS 15 Year HIGH
New statistics released by the Congressional Budget Office projected record breaking GDP growth throughout 2018; smashing expectations and signaling a robust US recovery under President Trump and the GOP-controlled Congress.
According to CNS News, the strong data shows Gross Domestic Product growing by at least 3.3 percent from the fourth quarter of 2017 to the fourth quarter of 2018; the highest level of growth seen in at least 15 years.
“In CBO’s projections, real GDP expands by 3.3 percent this year and by 2.4 percent in 2019,” says the CBO report. “It grew by 2.6 percent last year.”
“In our economic projections which underlie our budget projections, inflation-adjusted GDP–or real GDP–expands by 3.3 percent this year, and by 2.4 percent in 2019,” added the CBO Director.
The new data signals a growing US economy just months after President Trump signed the recently passed GOP tax cuts into law; unleashing American businesses and putting millions of dollars back into workers bank accounts.
GREAT AGAIN: GDP to Hit 5.3% THIS SPRING, Reach 15 YEAR HIGH
A handful of Wall Street insiders and leading economists are revising their GDP predictions upwards for spring 2019; saying the US economy may grow by an astounding 5% in the coming months.
According to Market Watch, forecasts for next year are being revised after a string of healthy tax returns, repatriated currency, and record low unemployment in the second quarter of 2018; possibly reaching a 15 year high this spring.
“Most notably, Macroeconomic Advisers raised its forecast to 5.3% from 4.5% for gross domestic product, the official scorecard for the U.S. economy. The firm’s forecast is one of the most detailed on Wall Street,” writes Market Watch.
The last time the Gross Domestic Product smashed the 5% mark was in 2003.
Read the full report here.