“President Donald Trump is more than 19 months into an administration engulfed in so much controversy that it may overshadow a tremendous achievement, namely an economic boom uniquely his,” Jeff Cox writes for CNBC. “During his time in office, the economy has achieved feats most experts thought impossible. GDP is growing at a 3 percent-plus rate. The unemployment rate is near a 50-year low. Meanwhile, the stock market has jumped 27 percent amid a surge in corporate profits.”
“Friday brought another round of good news: Nonfarm payrolls rose by a better-than-expected 201,000 and wages, the last missing piece of the economic recovery, increased by 2.9 percent year over year to the highest level since April 2009. That made it the best gain since the recession ended in June 2009,” Cox writes. Even critics of the president “acknowledge that the current numbers are a uniquely Trumpian achievement and not owed to policies already set in motion when he took office.”
“Indeed, the economy does seem to be on fire, and it’s fairly easy to draw a straight line from Trump’s policies to the current trends,” Cox writes. “Business confidence is soaring, in part thanks to a softer regulatory environment. Consumer sentiment by one measure is at its highest level in 18 years. Corporate profits, owed in good part to last year’s tax cuts, are coming close to setting records. Each of those accomplishments can be tied either directly to new policies or at least indirectly through a brimming sense of hope from businesses that the White House is back on their side.”
Much more in the full article here.
“The United States created 201,000 new jobs in August, keeping the unemployment rate at an 18-year low and generating the fastest increase in worker pay since the end of the Great Recession,” Jeffry Bartash reports for MarketWatch. “The increase in hiring in August was another solid gain that reflects broad strength in an economy that accelerated in the spring and showed little sign of slowing down toward the end of summer. ”
“The biggest news in the August employment report was a sharp increase in pay. The average wage paid to American workers rose by 10 cents to $27.16 an hour. What’s more, the yearly rate of pay increases climbed to 2.9% from 2.7%, marking the highest level since June 2009,” Bartash reports. “The economy has produced an average of 207,000 new jobs a month so far this year — faster than the pace of hiring in both 2017 and 2016.”
“Most companies are hiring and layoffs have tumbled to a nearly 50-year low,” Bartash reports. “‘Today’s strong economy is finally translating into wage gains for more workers,’ said Andrew Chamberlain, chief economist of the labor-market research firm Glassdoor. ‘For now, the U.S. economy broadly remains on a solid growth path, the labor market included,’ said Jim Baird, chief investment officer at Plante Moran Financial Advisors. ‘As long as businesses remain upbeat in their outlook, hiring and the labor market should remain solid, and the economy should follow suit.'”
Read more in the full article here.
MacDailyNews Take: Cutting taxes and regulations certainly seems to have contributed to lifting the U.S. economy. Growing consumer confidence and increasing wages bode very well indeed for companies like Apple and for the economy in general.
SEE ALSO:
Nasdaq set to chalk up its biggest August percentage gain in 18 years – August 31, 2018
Apple shares hit new all-time intraday and closing highs – August 30, 2018
U.S. economy logs best performance in nearly 4 years – August 29, 2018
Consumer confidence pops in August to highest level since October 2000 – August 29, 2018
Second-quarter U.S. GDP jumps 4.1% boosting hopes that economy is ready to break out of decade-long slumber – July 27, 2018
Dow rises as Wall Street weighs strong U.S. jobs report, Trump administration’s China tariffs – July 6, 2018
What Apple’s $100 billion buyback plan says about President Trump’s tax cuts – May 2, 2018
U.S. consumer confidence hits 14-year high – March 16, 2018
Dow and S&P 500 close higher on upbeat U.S. labor market data – February 22, 2018
Apple gives employees $2,500 bonuses after President Trump signed the GOP’s Tax Cuts and Jobs Act – January 17, 2018
U.S. sees strongest holiday sales since 2010 – January 12, 2018
Dow, S&P 500 and Nasdaq rocket to new all-time records – January 11, 2018
S&P 500 and Nasdaq rise to records on first trading day of 2018 – January 2, 2018
U.S. employment jumps more than expected in November, boosts U.S. stocks – December 8, 2017
U.S. third-quarter GDP revised to three-year high of 3.3% – November 29, 2017
Goldman Sachs sees U.S. unemployment rate hitting lowest level since the late-1960s – November 20, 2017
American consumer confidence soars to highest level since December 2000 – October 31, 2017
U.S. jobless claims plunge to lowest level since 1973 – October 19, 2017
U.S. economy picks up steam; second-quarter GDP up 3.0% reflecting robust consumer spending and strong business investment – August 30, 2017
U.S. consumer confidence shows Americans upbeat on jobs, economy – July 25, 2017