Trump bump: Economy, employment strong and expanding, says Conference Board report
The Trump bump is alive and well, and the president reminded the nation himself during his weekly address on the weekend.
“Last quarter, the United States economy grew by 4.1 percent,” President Trump reminded the nation in his weekly address Saturday. “We’ve created 3.7 million new jobs since the election. Unemployment recently fell to its lowest rate in almost 50 years. Unemployment for Americans with disabilities has reached the lowest level ever recorded. In the month of June alone, 600,000 workers entered or re-entered the workforce. Pretty good numbers.”
The New York-based nonprofit Conference Board also has good news. The organization reports that its monthly Employment Trends Index for the nation is on the upswing.
This complicated measurement is based on eight specific labor-market indicators which range from hard numbers from the Bureau of Labor Statistics, Federal Reserve Board and Department of Labor; manufacturing, consumer conference surveys and claims for unemployment insurance.
The index now stands at 109.89, up from 108.72 in June. The change represents a 5.4 percent gain in the index compared to a year ago.
“The growth in the Employment Trends Index remains strong, supported by positive contributions from all of its components,” said Gad Levanon, chief economist for North America for the organization. “We expect economic activity to remain strong in the coming months, and the rapid expansion of employment should continue despite the very tight labor market.”