THERE is often more fakery than truth in a tweet from President Donald Trump. But on one subject he is broadly legal. America’s economy is in good shape. Business confidence is high. Jobs are plentiful. final month non-farm companies added 228000 workers to their payrolls. The unemployment rate is 4.1%,the lowest figure for more than a decade. The availability of jobs is drawing more of the working-age population into the labour force. Wages are growing in genuine terms with some of the biggest gains going to low-paid workers.
Mr Trump over-eggs things, of course. He claims each good jobs report and each fresh peak in the S&P 500 as his own achievement. In fact, and he was lucky in his inheritance. The market has risen by 25% since his election,but is up by 195% since 2009. The unemployment rate fell from a peak of 10% to 4.7% under Barack Obama and then to 4.1% on Mr Trump’s watch. His administration says that a mix of deregulation and corporate-tax cuts will spur sustained GDP growth of 3%,...
Continue reading
Source: economist.com