The economy appears to be booming, consumer confidence is rising, inflation is coming in lower, and job growth higher, than expected. Normally, we’d all be celebrating good news like this. But not when Donald Trump is sitting in the White House. Then it must be ignored or explained away.
Ever since Trump took office, we’ve been treated to a steady diet of doomsaying. His tariffs would fuel inflation. He was driving the economy toward a recession. When the Commerce Department reported a slight contraction in the first quarter – so slight that future revisions could show that the economy expanded in the first three months – the same cast of characters started shouting “See, we told you so!”
But then the data started coming in, and suddenly those voices went silent. Why? Because it’s all been “unexpected” good news.
On Monday, for example, the Atlanta Federal Reserve Bank updated its GDPNow forecast – which projects quarterly economic growth in real time based on ongoing data releases. The current “nowcast,” as it’s called, shows growth in the second quarter of 4.6%, which is up from the 3.8% growth figure released last week.
The latest Consumer Price Index shows inflation in April was just 2.3%, marking the third consecutive monthly decline under Trump, and hitting a low not seen since February 2021, which, for those keeping score, was the month before Joe Biden went on his $1.9 trillion “American Rescue Plan” spendathon.
The monthly jobs report for April came in higher than expected, with the creation of 177,000 jobs, after the March report came in significantly higher than expected. Yesterday, the Bureau of Labor Statistics reported a “surprising” increase in the number of job openings.
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Author: Ruth King
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