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BOOM! Trump Administration SMASHES Economic Expectations For First Quarter, Obama Hardest Hit

BOOM! Trump Administration SMASHES Economic Expectations For First Quarter, Obama Hardest Hit

As he promised he would do, President Trump is making America great again.

Barack Obama is probably shaking his head in disbelief right now.

The first quarter 2019 GDP just blew past expectations.

Check out what sometimes pro-Trump but mostly anti-Trump Brit, Piers Morgan, had to say:

The U.S. economy grew at a faster pace than expected in the first quarter and posted its best growth to start a year in four years.

First-quarter gross domestic product expanded by 3.2%, the Bureau of Economic Analysis said Friday in its initial read of the economy for that period. Economists polled by Dow Jones expected growth of 2.5%. It was the first time since 2015 that first-quarter GDP topped 3%.

“The upside beat was helped by net trade (exports jumped while imports contracted sharply) and inventories which combined contributed almost 170 bps of the rise,” wrote Peter Boockvar, chief investment officer at Bleakley Advisory Group. “Personal spending though, the biggest component was up just 1.2%, two tenths more than expected as an increase in spending on services and nondurable goods offset a decline in spending on durable goods.”

Exports rose 3.7% in the first quarter, while imports decreased by 3.7%. Economic growth also got a lift from strong investments in intellectual property products. Those investments expanded by 8.6%.

“Experts” were way off in January, too.

Numbers show non-farm payroll employment increased by 304,000, more than double what was predicted.

Speaker Pelosi wasn’t impressed. In fact, it would seem she’s downright upset.

According to the California Democrat, the “GOP attitude disrespects workers, dishonors our values and damages our economy.”

Here’s her statement:

San Francisco – Speaker Nancy Pelosi issued this statement after the Department of Labor issued its January jobs statement, which does not include the Trump Shutdown’s impact on the 800,000 federal workers who were furloughed or forced to work without pay for 35 days:

“The January jobs report holds some encouraging news, but it belies the lasting financial damage that the Trump Shutdown has inflicted on hundreds of thousands of Americans across the nation. Federal workers, many of them veterans, saw their financial security shaken, their credit ratings harmed, and their lives upended by the longest shutdown in history. And now, with families still hurting, President Trump refuses to take a second senseless shutdown off the table.

“Meanwhile, House Republicans overwhelmingly voted against a pay raise for federal civilian workers, refusing to respect the perseverance and patriotism of the men and women who were just furloughed or forced to work without pay. This consistently callous GOP attitude disrespects workers, dishonors our values and damages our economy.

“House Democrats are working For The People, moving forward with our bold agenda to lower health costs, raise workers’ wages, and restore integrity to government. We must keep government open, and keep working to deliver an economy that works for every American, not just the wealthy and well-connected few.”

 

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