For the first time in history, the Dow Jones Industrial Average jumped over 25,000 points on Thursday. Also, the S&P 500’s long-running rally broke a new record today, making for the greatest bull market since World War 2. The rally in recent weeks is due to improved sentiment from businesses and consumers alike, but also to the global economy growing faster than expected. According to data from the first days of 2018, the economies of US, Europe and China are in steady expansion.
But the good news keep on rolling: as per a Challenger report, job-cut announcements in 2017 are at their lowest level since 1990, as US employers announced their intention to cut just 32,423 jobs back in December. Here’s CEO John Challenger’s statement on the issue:
“The tight labor market, coupled with uncertainty surrounding health care and tax legislation, possibly kept employers from making any long-term staffing decisions this year”
Moreover, the US private sector contributed with 250,000 new jobs in December, beating estimates by a large margin (190,000 estimated). December was the best month in terms of job creation since March,most probably due to the strong holiday shopping season, that forced companies to employ additional workers.
It’s amazing that Trump could do more to help America in less than one year, compared to the destruction brought upon by Obama and Hillary since 2008:
As a result of his failed economic policies, Obama currently ranks as the fourth worst presidency on record in GDP growth at 1.457 percent. Only Herbert Hoover (-5.65 percent), Andrew Johnson (-0.70 percent) and Theodore Roosevelt (1.41 percent) currently have lower average annual GDP growth than Barack Obama. In addition, Obama has the lowest annual GDP growth rate of any President since World War II.
Obama spent the first 6 years of his Presidency blaming Bush for the lousy economy. He added more to the national debt than all other previous Presidents COMBINED, yet could not get the economy in gear. Now , the Democrats want to give him credit for Trump’s success. Remember Obama mocked him? “How ya gonna create jobs? Do you have a magic wand? That’s not how it works” . Thank God Obama is long gone and his legacy is fading into the obscurity he deserves.
PS: I remember the Nobel Prize-winning Op-Ed columnist (sic) Paul Krugman forecasting a Wall Street crash if Trump was elected.