The number of Americans filing unemployment claims with the government “tumbled” to levels not seen in nearly 49-years this week; easing concerns of a slowing labor market and signaling a robust US economy.
“The number of Americans filing applications for jobless benefits tumbled to near a 49-year low last week, which could ease concerns about a slowdown in the labor market and economy,” writes Reuters.
“Other data on Thursday showed import prices dropping by the most in more than three years in November as the cost of petroleum products tumbled and a strong dollar weighed on prices of other goods, pointing to subdued imported inflation,” adds the article.
“Markets can breathe a sigh of relief that the economy is not going all wobbly,” said a leading economist in New York City. “No inflation pressures building and a tight labor market is news that tells the Fed they are right to continue to raise interest rates at next week’s meeting.”
Read the full report here.
GREAT AGAIN: 230K+ Jobs in September, Possible 3% Unemployment in 2019
The United States economic recovery continued to soar under President Trump and the Republican-controlled Congress in September, with new data showing the “rip-roaring” job market gained 230,000 full-time positions.
According to CNBC, private payroll estimates rose by 230,000 last month; beating expectations that predicted 185,000 new jobs.
“Private companies added 230,000 more positions for the month, the best level since the 241,000 jobs added in February and well ahead of the 168,000 jobs added in August,” writes CNBC.
“This labor market is rip-roaring hot,” said a senior economist at Moody’s Analytics.
“If the current pace continues, Zandi said he expects the unemployment rate to fall near 3 percent over the next year. The headline jobless rate currently is at 3.9 percent,” adds the author.
The strong economic report raises serious concerns for Democrats just weeks ahead of the 2018 midterm elections. House Minority Leader Nancy Pelosi has repeatedly vowed to repeal the widely-popular ‘GOP Tax Scam’ should her party retake control of Congress this fall.
Read the full story at CNBC.
GREAT AGAIN: $300 Billion ‘FLOWING BACK’ to US after GOP Tax Cuts
Billions of dollars of American currency formerly overseas is now flowing back into the United States following the GOP-sponsored tax cuts, according to Fox Business and new statistics released this week.
The data shows over $300 billion was repatriated back to the United States in the first quarter of 2018; beginning just weeks after the President signed the sweeping overhaul of the nation’s outdated tax code into law.
“The [Bureau of Economic Analysis] notes the main driver of the repatriation surge is that companies are no longer taxed on foreign earnings when returning the funds to the U.S,” writes Fox.
“U.S. firms that used to build their factories overseas in order to avoid U.S. taxes, they stopped in their tracks because of the tax bill, they are bringing all the money home,” said Kevin Hassett, chair of the president’s Council of Economic Advisers.
Read the full story at Fox Business.