The economy President Trump loves looks a lot like the one candidate Trump hated
By Damian Paletta and Ana Swanson July 3 at 8:53 AM
President Trump promised an economic boom, and he says it has already begun, touting a bubbly stock market and commitments from high-profile companies to speed up hiring. But beneath the bravado, ominous signs reveal a still-sluggish economy that is unlikely to take off any time soon.
"Stock Market at all time high, unemployment at lowest level in years (wages will start going up) and our base has never been stronger!" Trump tweeted Sunday night, following Monday morning with: "At some point the Fake News will be forced to discuss our great jobs numbers, strong economy, success with ISIS, the border & so much else!"
Trump is correct about the stock market and declining unemployment, which currently sits at 4.3 percent. Business and consumer confidence is high, though both have cooled a bit. Companies are announcing plans to expand and add jobs, such as Samsung’s announcement Wednesday that it would create almost 1,000 new jobs over the next three years with the construction of a new facility in South Carolina. But other trends are more worrisome. U.S. factory output fell in May, the second decline in three months, due in part to a drop in the production of automobiles. New orders for durable goods, such as furniture, electronics and appliances, were down 1.1 percent, more than expected. And housing starts — the construction of new homes — fell to an eight-month low.
Job and wage growth remain steady and underwhelming. The 362,000 jobs added between March and May is the fewest during a three-month period since mid-2012. And instead of rampant hiring, a number of companies have announced layoffs in recent weeks, including Ford, General Motors, Kellogg's and Sears.
And overall, the economy Trump is overseeing as president looks a lot like the one he lambasted as a candidate: a slow, largely steady grind that has chipped away at the damage done by the 2008-2009 recession but that has been insufficient to usher in a new era of prosperity.
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https://www.washingtonpost.com/news/wonk/wp/2017/07/03/the-economy-president-trump-loves-looks-a-lot-like-the-one-candidate-trump-hated
