Washington, D.C. – Under President Donald Trump, America built the strongest economy the world has ever seen. The stock market broke records, the unemployment rate dropped to its lowest level in half a century, and income inequality fell as blue-collar jobs returned to our country.
Washington, D.C. – PRESIDENT DONALD TRUMP: Thank you very much. I guess I might begin. It’s an honor to be with you and really brave men and women. The job you do is incredible, and the progress that you’ve made in the last short period of time has been unbelievable.
On April 1st of this year, I announced the launch of a powerful U.S. military law enforcement operation to combat the flow of illegal drugs across the Western Hemisphere. Today I’m pleased to be with Admiral Craig Faller and his team — done an incredible job — at the U.S. Southern Command headquarters to provide an update on this incredible successful effort.
Washington, D.C. – PRESIDENT DONALD TRUMP: Well, thank you very much. It’s an honor to be with everybody, and very importantly, we’re at the White House, and there’s no place like the White House. And for those of you that this is the first time, I know exactly what you’re thinking, because I was here a first time, and it was still something I’ll never forget.
So it’s great to have you. And our First Lady and I are pleased to welcome everybody to this wonderful place and discuss the vital importance of safety and reopening America’s schools. We want to reopen the schools. Everybody wants it. The moms want it, the dads want it, the kids want it. It’s time to do it.
Washington, D.C. – Press Secretary Kayleigh McEnany just shared some terrific news about our nation’s fight to slow the spread of COVID-19 Coronavirus.
President Donald J. Trump Has Delivered Record Breaking Results For The American People In His First Three Years In Office
Washington, D.C. – Promoting economic prosperity for all, President Trump’s pro-growth policies have led to an economic boom that is lifting up Americans of all backgrounds.
Since President Trump’s election, more than 7 million jobs have been added to the economy.
For the first time on record there are more job openings than unemployed Americans.
Clarksville, TN – Next week, a number of important economic data reports will arrive, but the focus is expected to be on the May employment figures. Recent labor market data suggest that the tight job market has grown tighter still.
Over the next several months, the pace of job growth is expected to be restrained by a lack of qualified workers. The unemployment rate is likely to remain low (it was 3.9% in April).
Clarksville, TN – Next week, the ISM surveys have some market-moving potential and we should receive anecdotal information on the strength of holiday sales, but the focus is expected to be on the employment figures.
Seasonal adjustment is a bit quirky in December and can easily magnify the normal statistical noise in the job market figures (as a reminder, the monthly change in nonfarm payrolls is reported accurate to ±120,000 and the unemployment rate is reported accurate to ±0.2%). Market participants are likely to focus on average hourly earnings, which can be noisy.
Clarksville, TN – As expected, the Fed raised short-term interest rates for the third time in 2017 (market participants were more focused on the progress of tax legislation).
The dots in the dot plot did not shift much from where they were in September and were all over the place for the end of 2018 and 2019 – meaning that there is no clear consensus on the pace of policy action (and bear in mind that personnel changes mean that many of these dots will be replaced in 2018).
Clarksville, TN – Next week, the economic calendar picks back up and the Senate returns to work on its version of a tax-cut bill.
However, the focus is expected to be on Jay Powell’s Fed chair nomination hearing. Powell is unlikely to speak about the near-term policy outlook (what the Fed will do in December), but lawmakers will ask about his broader approach to monetary policy and banking regulation (expect vigorous questioning from Senator Warren, but he should eventually receive approval in a full Senate vote).
Clarksville, TN – Next week, the economic calendar picks up, with the important figures (nonfarm payrolls, ISM manufacturing) arriving as market participants get set for the three-day weekend. Consumer confidence figures will cover the first half of the month and are therefore unlikely to reflect much of an impact from Charlottesville.
Second quarter GDP growth is likely to be revised higher in the 2nd estimate (a 2.6% pace in the advance estimate).
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