The economy continues to barrel along in this, the age of Trump. Today’s amazing economic news finds jobless claims at its lowest level since 1969. So, is the media ready to give Trump credit, yet? Sure. Sure they are.
Today’s news finds that the number of Americans filing new applications for unemployment benefits rose by far less than expected showing that the labor market is still extremely vigorous.
As Breitbart News reports:
New claims rose by just 3,000 to a seasonally adjusted 213,000 last week, the Labor Department said Thursday. After three consecutive weeks of declines, economists had forecast a rise to 214,000, according to Bloomberg.
Jobless claims are an indication of layoffs and have been closely watched this year for signs that trade disputes might weigh on the U.S. labor market. So far, there are no signs that tariffs have cost the U.S. economy any jobs.
The four-week moving average of claims, which smooths out weekly volatility and is considered by many economists to be a more reliable gauge of conditions, fell by 1,500 to 212,250. That is the lowest level since December 1969, according to the Labor Department.
But, that isn’t all.
Another report found that household incomes in the U.S. are at all-time highs.
If this were happening under Obama the media would be touting the good news in every newscast. But since it is happening under Trump, few outlets have paid much attention to it.
Not only is the economy up to four percent growth, but jobs are good and steady, and people feel very optimistic about the economy and jobs. Consumer confidence is also at an all-time high.
But income is way up, too. Per Investor’s Business Daily:
Inflation-adjusted median household incomes in July hit $62,450 according to the latest release from Sentier Research. That’s the highest level since Sentier started tracking this more than 18 years ago. And if you combine Sentier’s numbers with annual Census data, median household income is at all-time highs.
More interesting is the fact that median household income has shot up more than 4% in the 19 months since Trump took office. It had been flat over the previous year and a half. Over the course of President Obama’s entire eight years in office, median household income climbed a mere 0.3%, Sentier data show.
Overall economic growth is accelerating as well, after years of Obama-induced stagnation. On Wednesday, the Commerce Department boosted its estimate of Second Quarter growth to 4.2%. That means average growth for first half of the year was above 3%. And if it continues strong in the third quarter — as appears to be the case — chances are we will see growth for the entire year at or above 3%. That would be the first time since 2005.
This, too, is a sharp turnaround that just happens to coincide with the Trump presidency. In Obama’s last year in office, GDP growth was an anemic 1.6%. The growth rate dropped in each of the last two quarters of that year. And economists were everywhere telling the public that 2% was the best we could do.
And yet, little of this is spoken of by the media. Why is that, do you think?
I am sure you do know the answer to that, of course.
Remember, all this good fortune came only when Trump came to office and began his trade policies, his enthusiasm for America, his tax cuts, and his promises to “make America great again.”
NONE of this happened under Obama. Indeed, Obama could never get above 2.5 percent growth and that was the first time in history a president failed to achieve that growth rate for his whole eight years in office. Every other president was able to achieve at least one year of higher growth. All of them but Obama.
Yet, the media is practically silent.
Here are a few more metrics that Investor’s Business Daily found:
- The IBD/TIPP Economic Optimism Index surged to a 14-year high in August. (The September reading comes out next week.) The IBD/TIPP poll also found that Americans are more satisfied with the direction of the country than they’ve been since 2005.
- The Conference Board’s Consumer Confidence Index just reached an 18-year high at 133.4. The month before Trump won the election in November 2016, it was 98.6.
- The Conference Board also reports that job satisfaction is the highest it’s been since 2005.
- A survey by Express Employment finds that blue collar workers are more upbeat about the direction of the economy than the general public.
And again… the media tries its level best to ignore all this. You can bet if Obama were president during this sort of economic success, or if Hillary were president now with the same numbers, that the media would be screaming this good news every 15 minutes.
But with Trump in office? It’s crickets.
Follow Warner Todd Huston on Twitter @warnerthuston.
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