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“To me, what’s ironic is, is that the Trump administration is making the same mistake that the Biden administration made, which was to basically, remember we had Bidenomics is working, well, now we have the Golden Age of American Prosperity is returned, and Americans are not feeling that. Better to say we’re working hard to put America on the right road, rather than declaring premature victory. … I think that’s a big mistake for the White House and is likely to come back and bite them in the midterm election.”
Karl Rove told Fox News that President Trump that he’s “making the same mistake” Joe Biden did and is likely to pay a political price for it.”
2.8%
Bloomberg: “Gross domestic product increased at a 2.8% annualized pace in the third quarter, the second estimate of the figures from the Bureau of Economic Analysis showed Wednesday. The economy’s primary growth engine — consumer spending — advanced 3.5%, the most this year.”
336,000
The US economy added 336,000 nonfarm jobs in September, nearly double the 170,000 jobs economists had predicted and surpassing the upwardly revised 227,000 jobs in August, according to government data released yesterday. The latest figure is the largest monthly increase since January. Most of the jobs in September were added in leisure and hospitality (96,000), government (73,000), and healthcare (41,000). Average hourly earnings in September were up 0.2% month-over-month and 4.2% year-over-year, slightly down from estimates of 0.3% and 4.3%. The unemployment rate held steady at 3.8% from the previous month. See all data here.
2.4%
“The U.S. economy grew solidly last quarter and remained well clear of a recession despite the Federal Reserve pushing interest rates higher,” the Wall Street Journal reports. “Gross domestic product grew at a seasonally and inflation adjusted annual rate of 2.4% in the second quarter, picking up slightly from 2% growth in the first three months of the year.”
1.9%
Morgan Stanley is crediting President Biden’s economic policies with driving an unexpected surge in the U.S. economy that is so significant that the bank was forced to make a “sizable upward revision” to its estimates for U.S. gross domestic product, CNBC reports. As a result of these unexpected swells, Morgan Stanley now projects 1.9% GDP growth for the first half of this year. That’s nearly four times higher than the bank’s previous forecast of 0.5%.
72.6
“U.S. consumer sentiment soared in early July to an almost two-year high, bolstered by easing inflation and a strong labor market,” Bloomberg reports. “The University of Michigan preliminary index rose by 8.2 points to 72.6, the highest since September 2021. The reading topped all forecasts in a Bloomberg survey of economists, and the monthly advance was the largest since 2006.”
3%
U.S. consumer prices rose 3 percent in the year through June, a considerable cool-down from the peak of around 9 percent last summer, reports the New York Times.
