It's irrefutable that the economy is booming.
I quoted Kudlow the other day and here's something new from him: "I know many of my conservative friends are trying to drill holes in this [jobs] report, but you know what folks? It is what it is. It's a very strong report. Not every economic stat should be viewed through a political lens."
Some other compelling facts:
Looking good!
- The US GDP expanded by 2.5% in 2023, more than any other advanced economy in the world (per an IMF analysis released last week).
- The stock market has been on a steady rise for months, passing the 38,000 mark (Dow) for the first time ever. Trump, who in 2020 predicted a market collapse if Biden was elected, now claims credit for the hot market. Logic be damned!
- Consumer sentiment climbed 29% over the past two months, the largest two-month increase in over 30 years.
- The inflation rate has dropped dramatically, nearing the Fed's goal of 2%.
- The US has had 24 consecutive months of an unemployment rate below 4%, the longest such streak since the 1960s.
- The US has added 14.8 million jobs since January 2021, with a gain of 5.4 million jobs since just prior to the pandemic.
- The bipartisan infrastructure law and the IRA collectively have accounted for hundreds of thousands of new jobs. The IRA alone is projected to create 1.5 million more jobs over the next decade.
Some of these are upticks compared to significant lows (e.g., consumer sentiment). I enjoy your enthusiasm... we could have used it a year ago when things were starting to look bleak as SVB began to shake ahead of its collapse