Economy

U.S. Is World’s Most Competitive Economy for First Time in a Decade

The U.S. is back on top as the most competitive country in the world, regaining the No. 1 spot for the first time since 2008 in an index produced by the World Economic Forum, which said the country could still do better on social issues. America climbed one place in the rankings of 140 countries, with the top five rounded out by Singapore, Germany, Switzerland and Japan. All five countries’ scores rose from 2017, with the U.S. notching the second-biggest gain after Japan’s. The top spot hasn’t gone to the U.S. since the financial crisis stalled output and triggered a global economic slowdown. “Economic recovery is well underway, with the global economy projected to grow almost 4% in 2018 and 2019,” said the report, published Tuesday by the organization that produces the Davos conference on global politics and economics.

More great news in this Trump economy!  For more, click on the text above.    🙂

Opinion/Analysis: Trump has reversed every single failed economic policy of the Obama era – Here’s what must happen next

Friday was a great day for America’s economy and the American people under the leadership of President Trump, as the Labor Department reported our nation’s unemployment rate fell to just 3.7 percent – the lowest level since 1969. Millions of us have never seen an unemployment this low in our entire lives. There is simply no denying the overwhelming success of the Trump economy. Need more evidence? Hispanic and black unemployment are at historic lows, while female unemployment has reached a 50-year low. Meanwhile, wages are increasing at the fastest pace in nearly a decade. Manufacturing jobs completely reversed course. In the final year of President Obama’s term, the manufacturing sector lost 16,000 jobs. In the first year of the Trump administration, there was a gain of 196,000 manufacturing jobs. Accordingly, and perhaps unsurprisingly, “American manufacturers are on track for their most optimistic year in at least two decades,” according to the National Association of Manufacturers. For nearly a decade before President Trump was elected in November 2016, Americans suffered through the worst economic recovery since World War II. Because of the disastrous Obama-era failed liberal policies, manufacturing jobs fled, wages were flat, and millennials lost access to the job market. Everything changed when America elected a businessman and a job creator to be president of the United States. Immediately upon taking office, President Trump set out to cure the ills of the ailing U.S. economy. Recognizing the intuitive truism that overregulation and over-taxation put a chokehold on the free market by depressing wages and destroying jobs, our new president reversed course. President Trump has slashed burdensome regulations at a record rate, cutting 22 regulations for every one implemented. And the Trump tax cuts not only gave $2,059 back to the average American family, but also had the added benefit of reducing the corporate tax rate – once the highest in the industrial world – resulting in job creation and higher wages and bonuses. It’s no wonder that President Obama is desperately trying to lay claim to the Trump economy. But his efforts to do so fly in the face of logic, intuition and fact. The Wall Street Journal surveyed economists and found that a big majority credited President Trump’s policies as a catalyst for economic growth. Moreover, in the same survey, “more than 90% of economists said the tax cuts would increase GDP growth over the next two years.” The truth is that President Trump has reversed every single failed economic policy of the Obama era. With that welcome move came a sea change in results. Jobs grew at historic rates. Wages finally began to climb. And consumer confidence, alongside the stock market, rose to record highs. Though the Great Recession had run its course, workers still felt unsettled in 2016. It’s why a Deutsche Bank study found that workers felt more worried about losing their job in 2016 than they did in 2009 – at the height of the recession. Workers felt insecure for one simple reason: the Obama economy failed them, resulting in the worst economic recovery since World War II. Voters elected President Trump in 2016 because they believed he would rectify the wrongs of the Obama economy. He did just that – resoundingly! And if the American people vote to give Republicans continued majorities in the U.S. House and Senate in the Nov. 6 general election, the president and Congress will continue working together to build a stronger and more prosperous economy and make progress on many other fronts as well.

Agreed!  And well said,  Kayleigh.  Kayleigh McEnany is the author of the “New American Revolution: The Making of a Populist Movement.” She is the Republican National Committee’s National Spokesperson and a former CNN Commentator who received her JD from Harvard Law School.

US unemployment rate lowest since 1969

The U.S. economy added 134,000 jobs in September below analysts’ expectations while the unemployment rate was 3.7 percent, the lowest since 1969. Analysts polled by Refinitiv (formerly Thomson Reuters) forecast that the U.S. economy would add 185,000 jobs in September with the unemployment rate ticking down to 3.8 percent. In August, the unemployment rate was 3.9 percent. Wages increased by 0.3 percent in September, taking the 12-month wage growth to 2.8 percent. “Another solid jobs report; not too hot and not too cold ,” Kate Warne, investment strategist at Edward Jones told FOX Business. Warne is not concerned about the lower-than-expected number of jobs created in September, noting revisions within the past two months, which in total put the number of jobs created, in line with expectations. The number of Americans active in the workforce was steady, with the labor participation rate coming in at 62.7 percent. Manufacturing, construction and health care sectors added jobs in September, while retail, leisure and hospitality lost jobs. With retail, leisure and hospitality susceptible to bad weather – it is possible Hurricane Florence is behind the lower-than-expected number. The yield on the 10-year U.S. Treasury note climbed following the jobs report, and was hovering around a 7-year high.

Another positive report in this Trump economy!    🙂

Jobless Claims Plunge by More than Expected to Near 49 Year Low

The number of Americans filing for unemployment benefits fell by more than expected last week. Initial claims for state unemployment benefits dropped 8,000 to a seasonally adjusted 207,000 for the week ended Sept. 29, the Labor Department said Thursday. Hurricane Florence, which hit North Carolina and South Carolina last month, affected claims, according to the Labor Department. The largest increases in initial claims for the week ending September 22 was in North Carolina. Claims in South Caroline rose by 2,830, the third largest rise behind Kentucky. Economists had forecast claims falling by 1,000 to 213,000 in the latest week. A year ago there were 265,000 new claims. Claims were new the recent low of 202,000, hit during the week ended September 15. That was the lowest level since November 1969. The previous week’s level was revised up by 1,000 from 214,000 to 215,000. The 4-week moving average, considered a more reliable gauge of the labor market because it smoothes out week to week volatility, rose to 207,000, an increase of 500 from the previous week’s revised average. 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. Continuing claims are reported with a week delay. The four-week moving average of continuing claims fell by 15,250 to 1.66 million, the lowest level since October 1973. Jobless claims, which are a proxy for layoffs, have been closely watched for signs that trade disputes would be a drag on the labor market. Earlier this year, economists predicted that the steel and aluminum tariffs imposed by the Trump administration would cost 400,000 jobs. That prediction now looks way too pessimistic. The jobless claims data has no impact on the monthly employment report, which is scheduled for release on Friday. Bloomberg’s survey of economists sees nonfarm payrolls likely increased by 18o,000 in September after rising 201,000 in August. The unemployment rate is expected to fall one-tenth of a percentage point to 3.8 percent, an 18-year low first hit in May.

More great news in this Trump economy!!      🙂

Dow jumps more than 100 points to all-time high, rallies for a second day to start fourth quarter

The Dow Jones Industrial Average hit a record high on Tuesday as it rallied for a second day, boosted by gains in Intel and optimism around global trade. The 30-stock index closed 122.73 points higher to 26,773.94 for its first record close since Sept. 21. Intel climbed more than 3.5 percent, while Boeing soared to an all-time high. These gains added to the 192-point pop in the Dow on Monday to start the fourth quarter. The S&P 500, closed flat, however, at 2,923.43 while the Nasdaq Composite fell half a percent to 7,999.55 as large-cap tech names fell more than 1 percent. Amazon shares dropped 1.6 after the company announced it would raise its minimum wage to $15 per hour for all U.S. employees. Facebook, meanwhile, dropped nearly 2 percent. Stocks were coming off strong gains from the previous session after Canada joined the U.S. and Mexico in a new trade deal. The United States-Mexico-Canada Agreement, or “USMCA” for short, will see all three countries compromise on certain trade aspects. More market access will be granted to U.S. dairy farmers, while Canada has agreed to effectively cap automobile exports to the States. “The market reaction suggests investors are less worried about a trade war,” said Jennifer Ellison, principal at BOS. “It’s more of a sigh of relief.” Boeing climbed 1.1 percent, while Caterpillar gained 1.7 percent. The two stocks are seen as bellwethers for trade given their exposure overseas. Now investors will be looking to China, to see if Beijing and Washington can compromise on certain trade elements.

More great news in this Trump economy!!   🙂

Canada, US confirm new deal with Mexico updating NAFTA

The United States and Canada confirmed Sunday they had reached a deal on a “new, modernized trade agreement,” which is designed to replace the 1994 NAFTA pact. In a joint statement the two nations said the new deal would be called the United States-Mexico-Canada Agreement (USMCA). Canadian Prime Minister Justin Trudeau said following a cabinet meeting, “It’s a good day for Canada.” Trudeau plans to address the media on the deal on Monday. President Trump tweeted about the deal on Monday morning, calling it a “great deal for all three countries” and that it will open markets to farmers and manufacturers. “Late last night, our deadline, we reached a wonderful new Trade Deal with Canada, to be added into the deal already reached with Mexico,” Trump tweeted. “The new name will be The United States Mexico Canada Agreement, or USMCA. It is a great deal for all three countries, solves the many deficiencies and mistakes in NAFTA, greatly opens markets to our Farmers and Manufacturers, reduce Trade Barriers to the U.S. and will bring all three Great Nations closer together in competition with the rest of the world. The USMCA is a historic transaction!” The agreements reportedly will boost U.S. access to Canada’s dairy market and protect Canada from possible U.S. autos tariffs. Trump’s administration has said Canada must sign on to the text of the updated NAFTA by a midnight Sunday deadline or face exclusion from the pact. Washington has already reached a bilateral deal with Mexico, the third NAFTA member. If Canada did not sign a new deal, Trump had threatened to impose steep tariffs on all automotive imports. In late August, the U.S. and Mexico negotiated a new pact to replace NAFTA, snubbing Canada in the process. President Trump has also repeatedly suggested that he might leave Canada out of the new agreement — which would be called the “United States-Mexico Trade Agreement.” Trump blames NAFTA for the loss of American manufacturing jobs and wants major changes to the pact, which underpins $1.2 trillion in annual trade. Markets fear its demise would cause major economic disruption. Negotiators from both sides spent two days talking by phone as they tried to settle a range of difficult issues such as access to Canada’s dairy market and U.S. tariffs. As part of any agreement, Canada looks set to offer increased access to its highly protected dairy market, as it did in separate pacts with the European Union and Pacific nations. Officials have blown through several deadlines since the talks started in August 2017.

GDP Growth Unrevised at a Strong 4.2% in Second Quarter

The U.S. economy expanded at an annualized pace of 4.2 percent in the second quarter, the Commerce Department said Thursday. That matched the agency’s estimate from a month ago. Economists had expected a slight upward revision to 4.3 percent. The report confirmed that the economy grew at a robust pace in the April through June period. Economists expect the economy has continued to expand in the third quarter, although at a somewhat slower pace.

The Trump economy continues to roar along.    🙂