Thank you President Trump. The economy just keeps choogling along...

[Swordsmyth]

In August, America added nearly 1.4 million new jobs according to the Bureau of Labor Statistics monthly Employment Situation Report, in line with the consensus forecast. The unemployment rate fell by 1.8 percentage points to 8.4 percent, the second largest decline on record. The August jobs report confirms that the strong recovery continues.

Just a few months ago, America had an unemployment rate of 3.5 percent—the lowest rate in 50 years—before jumping to a peak of 14.7 percent in April due to devastation wrought by COVID-19. But between April and August, the unemployment rate fell by 6.3 percentage points to 8.4 percent. For perspective, following the Great Recession of 2008-09, it took nearly a decade for the unemployment rate to fall by 6.3 percentage points. President Trump’s economy accomplished this in just four months.

Under this Administration, America is on track to witness the fastest labor market recovery from any economic crisis in history. For four months, the employment report has met or exceeded expectations. In fact, the labor market in August performed better than what most major forecasts projected would occur by year’s end. In July, the Congressional Budget Office (CBO) projected a 10.5 percent unemployment rate in the fourth quarter while both Blue Chip and the Federal Open Market Committee (FOMC) projected unemployment rates of 9.3 percent in the fourth quarter.



As the economy recovers, however, the path to full employment becomes tougher. In April, nearly four out of five jobs lost could be attributed to temporary layoffs, reflecting efforts by Congress and the Administration to keep workers attached to their employers. Four months later, it is apparent why an expedient recovery is vital. The number of temporary layoffs has dropped to just 50 percent as 80 percent of small businesses are now open relative to their pre-COVID-19 levels. Nonetheless, a point of strength in this report lies in the progress we have made since April. At its peak, temporary layoffs hit over 18 million. Since then, temporary layoffs have decreased to just 6 million, a recovery of nearly 67 percent.

More at: https://www.whitehouse.gov/articles/...nt-rate-drops/

[Swordsmyth]

The Conference Board reported on Tuesday that its index of consumer confidence jumped in September by the biggest increase in 17 years. The index clocked in at 101.8 for the month, up from 86.3 in August. Economists were expecting a reading of just 89.6.

Inside that index were two indicators driving the increase: how consumers feel about the economy right now (98.5 currently, up from 85.8 in August) and how consumers feel about the next six months (104 currently, up from 86.6 in August).

On Wednesday morning, payroll processor ADP reported that the rebounding U.S. economy added nearly 770,000 new jobs in August: 196,000 in the “goods-producing” sector of the economy and 552,000 in the service sector. Franchise employment added another 20,700 jobs last month. Forecasters once again underestimated the strength of the U.S. economy’s rebound from the shutdown: They predicted a 649,000 gain in August.

ADP also revised upward last month’s new jobs report, from 428,000 to 481,000.

The ADP report comes two days before the jobs report from the Department of Labor, the last report on the health of the economy before the election. Forecasters are predicting the DOL will show the economy adding 850,000 new jobs in August, bringing the unemployment rate down further, from 8.4 percent last month to 8.2 percent in September.

The report from ADP was followed by a report on business conditions in the Chicago region on Wednesday morning. The Chicago PMI (Purchasing Managers Index) jumped in September to 62.4 from 51.2 in August, exceeding economists’ forecasts of just 52. All five main components of the index were higher in September, especially new orders and production. Both advanced to nearly two-year highs.

More at: https://thenewamerican.com/latest-ec...f-u-s-economy/

[Swordsmyth]

The Institute for Supply Management (ISM) reports that the economy is continuing its remarkable and robust recovery from the COVID-inspired and government-mandated shutdown. ISM is the world’s oldest and largest supply-management association and has been tracking world economies for more than 100 years.

According to Timothy Fiore, chair of ISM’s manufacturing survey committee, economic activity in the manufacturing sector “grew in September, with the overall economy notching a fifth consecutive month of growth” following the shutdown. Specifically,

Demand expanded, with the New Orders Index growing at strong levels;

The Customers’ Inventories Index [is] at its lowest figure since June 2010, a level considered positive for future production; and

The Backlog of Orders Index [is] expanding at a faster rate than the prior two months.

“Five of the top six industries,” said Fiore, are “continuing to expand output strongly.” “Business is booming,” wrote a representative in the Transportation Equipment sector. “Overall business conditions are improving,” said a member in Fabricated Metal Products. From the Machinery sector, a member added, “Our customer order intake is increasing significantly for deliveries in the first half of 2021. [Our] outlook is generally positive.”



A manager in Electrical Equipment, Appliances, and Components said, “Demand remains high [with a] strong finish to 2020 projected, with an even stronger 2021 fiscal year [anticipated].” And from a respondent in Plastics and Rubber Products: “Business has continued to be strong, with September following August. October is also shaping up to be a good sales month as well.”

Manufacturing, however, is overshadowed in size by the Services sector of the U.S. economy, which is enjoying a similar revival. The overall Services Index for September clocked in at 57.8 (any number above 50 indicates an expanding economy), growing for the fourth month in a row. ISM’s Supplier Deliveries Index is at 54.9, its New Orders Index is at 61.5, while its Business Activity Index scored 63 in September.

Sixteen of the 17 Services sectors reported growth in September. Most impressively, ISM’s Employment Index came in at 51.8, the first time since March that it registered expansion in hiring in the Services sector.

From the Construction sector, a member wrote, “Work orders are improving rapidly. Lack of available labor is having a significant impact on our ability to fulfill orders.” In Mining, a member responded, “Activity level is holding steady, with [an] optimistic outlook.” From Retail Trade: “Business has come back solidly since mid-July, with a strong August and September. And from Wholesale Trade: “Very good sales trend in home improvement product sales.”

All of this comes on top of the Labor Department’s report on Friday showing the economy adding 770,000 new workers in September, dropping the unemployment rate below eight percent for the first time since March. Accordingly, unemployment numbers are dropping, reflecting increasing consumer confidence. In fact, the Consumer Confidence Index, published by the Commerce Department, leapt by the biggest amount in 17 years — from 86.3 in August to 101.8 in September.

And the best is yet to come. Forecasters are expecting the Commerce Department to report later this month that growth in the third quarter will come in at well over 30 percent on an annualized basis, just in time for the election on November 3.

So strong is the rebound that expectations are that it will continue well into the New Year and beyond. With additional tax and regulatory cuts promised by the president in his second term, it looks like clear sailing ahead for the U.S. economy.

https://thenewamerican.com/report-ma...ors-expanding/

[Todd]

My Chinese investments are doing fabulosso. Thank you Mr. President

[Swordsmyth]

My Chinese investments are doing fabulosso. Thank you Mr. President

Enjoy your blood money while you can, they are soon going to collapse.

[devil21]

Enjoy your blood money while you can, they are soon going to collapse.

I was just recently wondering why you had abandoned your China collapse thread. Are they still collapsing?

[Swordsmyth]

I was just recently wondering why you had abandoned your China collapse thread. Are they still collapsing?

Yes, they are, I do not update it because it won't be long now and I do not throw pearls before swine.

[devil21]

Yes, they are, I do not update it because it won't be long now and I do not throw pearls before swine.

K cool. Thanks for staying on top of all of that so none of us have to think or research any of it ourselves. I highly trust yahoo articles and the like to be very factual and not tailored to present a prepackaged narrative.

[Todd]

Enjoy your blood money while you can, they are soon going to collapse.

Yeah because all those US corporations and investments have pristine hands.

Get a clue.

Wanna talk collapse? There is NO FREE MARKET. If ever that was abundantly clear to me it has been this year. If the Chinese economy fails then the US will fall right behind it.

When one politician or one investor can vomit some stupid comment and send an entire market into a tailspin then there is too much collusion of evil politics with that market system. It's been fascism for some time now young one, so stop pretending like this all stopped and got fixed 4 years ago on inauguration day.

[Todd]

I was just recently wondering why you had abandoned your China collapse thread. Are they still collapsing?

Have you noticed the trend too?

This dude actually compared the modern day Chinese tech economy with Soviet Russia circa 1970's - 1980's.

[Madison320]

So strong is the rebound that expectations are that it will continue well into the New Year and beyond. With additional tax and regulatory cuts promised by the president in his second term, it looks like clear sailing ahead for the U.S. economy.

If the economy is so great why do we have to borrow and print record amounts?

We just topped 27 trillion, that's 7 trillion added to the debt since Trump took over and it's been getting much faster, even before covid.

And we also printed another 3 trillion.

Anybody can make an economy look good in the short run if you can borrow and print that much.

Biden would be worse, but dang the bar is low.

I'm hoping for Biden to win, then the inevitable inflationary collapse (Trump or Biden), then a republican sweep in 2022. Republicans suddenly find the urge to cut spending when they are not in power.

[AngryCanadian]

Have you noticed the trend too?

This dude actually compared the modern day Chinese tech economy with Soviet Russia circa 1970's - 1980's.

The video seems like propaganda.

[AngryCanadian]

If the economy is so great why do we have to borrow and print record amounts?

We just topped 27 trillion, that's 7 trillion added to the debt since Trump took over and it's been getting much faster, even before covid.

And we also printed another 3 trillion.

Anybody can make an economy look good in the short run if you can borrow and print that much.

Biden would be worse, but dang the bar is low.

I'm hoping for Biden to win, then the inevitable inflationary collapse (Trump or Biden), then a republican sweep in 2022. Republicans suddenly find the urge to cut spending when they are not in power.

then a republican sweep in 2022

Not going to happen if liberals win this year.

[Swordsmyth]

If the economy is so great why do we have to borrow and print record amounts?

We just topped 27 trillion, that's 7 trillion added to the debt since Trump took over and it's been getting much faster, even before covid.

And we also printed another 3 trillion.

Anybody can make an economy look good in the short run if you can borrow and print that much.

Biden would be worse, but dang the bar is low.

I'm hoping for Biden to win, then the inevitable inflationary collapse (Trump or Biden), then a republican sweep in 2022. Republicans suddenly find the urge to cut spending when they are not in power.

If Biden wins they will impose communism and a one party state.

[Madison320]

If Biden wins they will impose communism and a one party state.

So the prospect of a Biden presidency is so bad that you have to lie about the state of the economy?

Or do you really believe that record amounts of debt and money printing don't matter?

[Swordsmyth]

So the prospect of a Biden presidency is so bad that you have to lie about the state of the economy?

Or do you really believe that record amounts of debt and money printing don't matter?

I am not lying about the state of the economy, I am presenting data.

And while record levels of debt and money printing are not good they are not solely responsible for the improvements Trump has caused and will not be significantly worse do deal with than the levels from before Trump.

[Madison320]

I am not lying about the state of the economy, I am presenting data.

And while record levels of debt and money printing are not good they are not solely responsible for the improvements Trump has caused and will not be significantly worse do deal with than the levels from before Trump.

Define significantly worse.

The debt was about 20 trillion when Trump took office. It'll be close to 30 trillion at the end of his term. That's almost a 50% increase.

The Fed balance sheet was about 4.5 trillion when Trump took office. It'll be at least 7.5 trillion when he leaves. That's about a 60% increase.

So the debt increased by almost 50% and the amount of printed money increased by 60%. In only 4 years!!!!! That's not significant!!!!

Wipe that kool-aid off your chin!

By any objective measure we are in much worse shape financially then 4 years ago.

[Swordsmyth]

Define significantly worse.

The debt was about 20 trillion when Trump took office. It'll be close to 30 trillion at the end of his term. That's almost a 50% increase.

The Fed balance sheet was about 4.5 trillion when Trump took office. It'll be at least 7.5 trillion when he leaves. That's about a 60% increase.

So the debt increased by almost 50% and the amount of printed money increased by 60%. In only 4 years!!!!! That's not significant!!!!

Wipe that kool-aid off your chin!

By any objective measure we are in much worse shape financially then 4 years ago.

We are past the point where it makes any difference, we will have to default on mountains of debt sooner or later, we were long past the point it makes any difference before Trump took office.

And Trump's policies are the only reason we might survive when it all comes crashing down.

[Madison320]

We are past the point where it makes any difference, we will have to default on mountains of debt sooner or later, we were long past the point it makes any difference before Trump took office.

And Trump's policies are the only reason we might survive when it all comes crashing down.

Ok, do you promise never to complain about deficits and government spending, even if Biden gets elected?

[Swordsmyth]

Ok, do you promise never to complain about deficits and government spending, even if Biden gets elected?

I have never made deficits or the amount of spending one of my primary focuses, I oppose them in theory, I opposed them more when there was a chance we might be able to reverse the debt through good policy rather than through default and I will again oppose them to a greater degree after we default but there always have been and always will be more important issues.

What the money is spent on is far more important than how much is spent and if you limit spending to the correct items it will also limit the amount of spending.

[Madison320]

I have never made deficits or the amount of spending one of my primary focuses, I oppose them in theory, I opposed them more when there was a chance we might be able to reverse the debt through good policy rather than through default and I will again oppose them to a greater degree after we default but there always have been and always will be more important issues.

What the money is spent on is far more important than how much is spent and if you limit spending to the correct items it will also limit the amount of spending.

Therefore Trump is spending on incorrect items since the amount of spending is skyrocketing.

[Swordsmyth]

Therefore Trump is spending on incorrect items since the amount of spending is skyrocketing.

While I would never claim that all spending promoted by Trump (he is not responsible for all spending because Congress writes the bills and can override vetoes) is spent only on correct items it is not true that you can't overspend on correct items or that some wrong items are not less wrong than others.

Trump is not perfect but the things he spends on are either less wrong than the Demoncrats or correct items for government spending that he may spend too much on.
Meanwhile the other good things he does far outweigh his spending problems and have been vastly improving the economy which helps alleviate the current spending/debt issues and will be extremely important to helping us survive and rebuild after the debt collapse/default.

[Swordsmyth]

The latest survey of consumers from the University of Michigan — its “Preliminary Results for October 2020” — just released showed “gains in economic prospects for the year ahead,” according to its authors. And that’s just the beginning of the reports issued last week and those coming this final full week before election day.

In September its Index of Consumer Sentiment was 80.4; a month later it is 81.2. Its Index of Consumer Expectations for September was 75.6; for October it’s 78.8. When the results are broken down by political party, “Trump still held an advantage over Biden,” the same advantage he held in September, according to the UMich survey.



The “flash” (preliminary) output, services, and manufacturing indices from the data firm IHS Markit on Friday each showed 20-month highs, with its author reporting: “U.S. output growth regained growth momentum in October, as business activity rose at the fastest rate for 20 months, and business optimism improved markedly. The upturn was largely driven by service providers, though manufacturing firms also reported a further solid increase in production.”

Chris Williamson, chief business economist at IHS Markit, added:

The US economy looks to have started the fourth quarter on a strong footing, with business activity growing at a rate not seen since early 2019.

The service sector led the expansion as increasing numbers of companies adapted to life with COVID19, while manufacturing continued to report solid growth amid rising demand from households and businesses….

More encouragingly, business optimism surged higher, indicating that firms have become increasingly positive about prospects for the coming year amid hopes of renewed stimulus, COVID-19 containment measures gradually easing and greater certainty for businesses and households after the presidential elections.

The number of U.S. workers seeking unemployment benefits dropped by 55,000 last week, another encouraging sign that job losses are easing and the labor market is improving. The recovery continues to flummox forecasters as well, who expected 860,000 new weekly claims. Instead 787,000 claims were filed for the week ending October 17, a happy miss to the downside by 73,000.

In addition retail sales, both online and at stores, rose again in September for the fifth straight month. And the housing market continues to boom, thanks to low interest rates and pent-up demand. It appears now to be limited by supply, with builders unable to find the skilled workers they need to meet the increasing demand.

The “Beige Book” — a collection of anecdotal evidence gathered by the Federal Reserve and published eight times a year — that was released last Wednesday contained more good news for the economy. Said the report, “Economic activity continued to increase across all [12] districts [including] manufacturing [which] generally increased [and] residential housing markets continued to experience steady demand for new and existing homes.” It added: “Consumer spending growth remained positive [and] demand for autos remained steady.”

In addition, “Employment increased in almost all Districts … most consistently for manufacturing firms,” said the Fed.

The best news is yet to come. On Thursday the long-awaited and much-anticipated report on the gross domestic output of the economy during the third quarter (July through September) from the Commerce Department is expected to report that the economy’s output exceeded 30 percent on an annualized basis. Even anti-Trump MSNBC was unable to shade the news: “GDP is expected to increase by about 30% in the third quarter … [this will be] news like [the economy] has never seen before, reflecting growth that had [earlier] seemed impossible.”

It reluctantly admitted: “[The news] will come at an opportune time for President Donald Trump. The GDP release comes [on] October 29, just five days before the presidential election.”

It painfully admitted:

The economy regained nearly 4 million jobs during the quarter, and that was after 7.5 million in May and June. Housing sales and builder confidence has been remarkable, and shoppers easily outpaced expectations in September with retail sales rising 1.9%, nearly tripling the Wall Street estimate.

Jeff Cox, covering the anticipated good news on the economy for MSNBC, additionally reported:

The Conference Board’s CEO Confidence index, a gauge that measures the percent of positive responses on conditions, jumped to a reading of 64 in September from 45. A solid 70% of top executives said economic conditions were better compared with six months ago, compared with 8% at the start of the quarter. A similar number said conditions in their respective industries were better compared with six months ago, in the early days of the pandemic.

Moreover, 64% expect economic conditions to improve in the next six months, while only 15% see them worsening.

All of which continues to boost President Trump’s reelection chances.

https://thenewamerican.com/roaring-e...ction-chances/

[Swordsmyth]

The Department of Commerce announced on Thursday that the U.S. economy grew in the third quarter at an annualized rate of 33.1 percent, beating forecasters’ expectations.

More at: https://thenewamerican.com/third-qua...rump-campaign/

[Firestarter]

The Department of Commerce announced on Thursday that the U.S. economy grew in the third quarter at an annualized rate of 33.1 percent, beating forecasters’ expectations.

Trump shyllz will probably boast about the expected big GDP rise of a whopping 25 to 30% for this quarter. But this isn’t that impressive after a record-breaking 31.4% drop in the previous quarter: https://www.nbcnews.com/news/us-news...doesn-n1245116

[Firestarter]

The US economy is expected to shrink by 4.3% this year, according to the IMF. Some countries are actually expected to grow, including South Korea, Australia, Taiwan and China.
The US is taking on debt levels not seen since World War II. While Donald Trump in 2016 promised to clear the debt in 8 years, its federal debt has ballooned with another $5.6 trillion.

President Donald has promised over and over and over again to reopen the economy…
In April, in a nice publicity stunt, Donald promised us a “reopening task force”, which included corporate giants from amongst others Amazon, General Motors and Merck.
Tim Schlittner, a spokesperson for the US’s largest labour union AFL-CIO, explained “This was a sham, not a task force”.

In the half year since it was founded, the panel has met only once, by phone. Some executives didn’t even know they were part of this task force a few hours before receiving a request to join a phone conference with the White House: https://www.nbcnews.com/business/eco...force-n1244203

[GlennwaldSnowdenAssanged]

Trump shyllz will probably boast about the expected big GDP rise of a whopping 25 to 30% for this quarter. But this isn’t that impressive after a record-breaking 31.4% drop in the previous quarter: https://www.nbcnews.com/news/us-news...doesn-n1245116

If there was no significant rain for months and an area's water reserves had been depleted. A week of rain that fills the reservoirs would be welcome.

[Firestarter]

If there was no significant rain for months and an area's water reserves had been depleted. A week of rain that fills the reservoirs would be welcome.

I thought that the economic collapse was caused by the worldwide lockdown, in which President Donald played/plays a starring role...
Taking GDP as a ground for economic growth is dubious at best.
But to compare it to the previous quarter, after a record breaking drop of 31.4%, is preposterous!

The US economy is expected to shrink by 4.3% this year, according to the IMF. Some countries are actually expected to grow, including South Korea, Australia, Taiwan and China.
The US is taking on debt levels not seen since World War II. While Donald Trump in 2016 promised to clear the debt in 8 years, its federal debt has ballooned with another $5.6 trillion.

[GlennwaldSnowdenAssanged]

I thought that the economic collapse was caused by the worldwide lockdown, in which President Donald played/plays a starring role...
Taking GDP as a ground for economic growth is dubious at best.
But to compare it to the previous quarter, after a record breaking drop of 31.4%, is preposterous!

Maybe I misunderstood but I thought you were the one to compare this quarters gain to last quarters loss.

[Firestarter]

Maybe I misunderstood but I thought you were the one to compare this quarters gain to last quarters loss.

It could be that you're illiterate or that you're intentionally twisting and turning.

I replied to @Swordsmyth 's post that the US economy grew with 33.1 percent.

The Department of Commerce announced on Thursday that the U.S. economy grew in the third quarter at an annualized rate of 33.1 percent, beating forecasters’ expectations.

Trump shyllz will probably boast about the expected big GDP rise of a whopping 25 to 30% for this quarter. But this isn’t that impressive after a record-breaking 31.4% drop in the previous quarter: https://www.nbcnews.com/news/us-news...doesn-n1245116