The US economy continued to smash expectations and break records under President Trump and the Republican-controlled Congress in August, with new data showing consumer confidence at levels not seen in approximately 18 years.
According to CNBC, the Consumer Board Index rose to 138.4 this summer from 134.7; surpassing expectations as industry insiders predicted a “dip” to 132.
“Consumers’ assessment of current conditions remains extremely favorable, bolstered by a strong economy and robust job growth,” said the director of economic indicators at the Conference Board. “These historically high confidence levels should continue to support healthy consumer spending, and should be welcome news for retailers as they begin gearing up for the holiday season.”
“Labor-market expectations also improved in September as 22.5 percent of consumers expected more jobs in the months ahead, up from 21.5 percent in August,” writes CNBC.
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GREAT AGAIN: Fed Chairman Says Economy 'GROWING STRONGER' in 2018
The Federal Reserve Chairman confirmed Tuesday that the United States economy was “growing stronger” than expected, saying an interest rate hike may be likely in the coming weeks should the recovery continue to expand.
According to CNBC, Chairman Jerome Powell signaled he was considering raising the interest rate for the second time in recent months, saying “Overall, we see the risk of the economy unexpectedly weakening as roughly balanced with the possibility of the economy growing faster than we currently anticipate.”
“The unemployment rate is low and expected to fall further. Americans who want jobs have a good chance of finding them,” he added.
The strong data throws more cold-water on the media’s over-hyped “blue wave” predicted for this fall, with House Minority Leader Nancy Pelosi threatening to repeal the widely-popular GOP-sponsored tax cuts
Read the full report at CNBC.
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.”