TRUMP MAKES HISTORY! Economy Grew 3.0% in Third Quarter DESPITE Devastating Hurricanes
THIS IS AMAZING!
Despite the historic hurricanes that devastated Houston, New Orleans, Florida and Puerto Rico the third quarter GDP beat expectations.
The economy was expected to rise 2.5% .
Initial readings show the US economy rose 3.0% in the third quarter.
The U.S. economy unexpectedly maintained a brisk pace of growth in the third quarter as an increase in inventory investment and a smaller trade deficit offset a hurricane-related slowdown in consumer spending and a decline in construction.
Gross domestic product increased at a 3.0 percent annual rate in the July-September period after expanding at a 3.1 percent pace in the second quarter, the Commerce Department said on Friday.
The department said while it was impossible to estimate the overall impact of hurricanes Harvey and Irma on third-quarter GDP, preliminary estimates showed that the back-to-back storms had caused losses of $121.0 billion in privately owned fixed assets and $10.4 billion in government-owned fixed assets.
As reported earlier.
President Trump has now been in office for eight complete months and the economic results of his actions as President could not be better. As a matter of fact, President Trump’s economic results are at historic all time highs.
According to the Bureau of Labor Statistics President Trump added 1,405,000 jobs in his first eight months (January through August 2017.)
At the end of his 2nd term President Obama said that jobs were not coming back. (Obama lost (4,367,000) jobs in his first eight months in office.)
But no one told President Trump. According to the Bureau of Labor Statistics, more Americans are in the work force than ever before. Over 160 million Americans are working for the first time in US history. President Trump is working hard to bring good paying jobs back to the US and his efforts are showing fantastic results.
A couple of days ago FOX News reported that Second Quarter US GDP grew by 3.1% . According the Bureau of Economic Analysis the US GDP grew to an astounding $19.25 Trillion. This is the highest GDP in US history.
US Stock Markets
* The DOW has risen 22% since the election on November 8th. (On November 9th the DOW closed at 18,332 – on September 29th the DOW closed at 22,405.
* The DOW increased more than 4,000 points during this time period.
* President Trump is the only President in US history to oversee two stock market rallies of nine days or more where the markets set new highs each and every day.
* On February 28th President Trump matched President Reagan’s 1987 record for most continuous closing high trading days when the DOW reached a new high for its 12th day in a row!
* Then in early August President Trump reigned over a 9 day stock market rally with each day reaching record highs.
* The DOW took just 66 days to climb from 19,000 to above 21,000, the fastest 2,000 point run ever. The DOW closed above 19,000 for the first time on November 22nd 2016 and closed above 21,000 on March 1st 2017.
* The DOW closed above 20,000 on January 25th and the March 1st rally matched the fastest-ever 1,000 point increase in the DOW at 24 days.
* Since President Trump’s Inauguration on January 20th the DOW is up 13% . (It was at 19,827 at January 20th.)
* The S&P 500 and the NASDAQ have both set new all-time highs during this period.
* The US Stock Market gained $4 trillion in wealth since Trump was elected!
* The S&P 500 also broke $20 Trillion for the first time in its history.
— FOX Business (@FoxBusiness) September 28, 2017
Honorable Mention – US Debt
President Trump can claim the longest and largest decrease of US Federal Debt in history.
When President Trump was inaugurated on January 20, 2017 the amount of US Federal Debt owed both externally and internally was over $19 Trillion at $19,947,304,555,212. As of August 31st the amount of US Debt had decreased by more than $100 Billion to $19,844,533,441,924.
A review of the amount of (unaudited) of US Debt outstanding back through the Civil War shows that the last time the US Federal Government had a debt decrease between years was when Republican Eisenhower was President in 1957 and 1958. He cut the amount of US Debt by $2 Billion each year.
No President besides President Donald Trump has cut the amount of US Debt by $100 Billion ever. (As of today the US Debt is up a little more than $200 billion since the inauguration and much of this can be attributed to Fed rate increases.)
In nearly every economic indicator the economy is moving in the right direction. If this continues President Trump will sit over one of the greatest, if not the greatest economic boom in US history.