Rush Limbaugh says the Trump economy is roaring despite nonstop media hype over an impending U.S. recession.
Specifically, the U.S. consumer — the engine of the economy — apparently still has supreme confidence in the U.S. economy, as evidenced by their spending habits.
According to a Commerce Department report, retail sales in August rose 0.4% from July — doubling Wall Street expectations of 0.2%.
Moreover, August consumer spending spiked 4.6% from the year-ago period. Consumer spending is a leading indicator of sentiment about the economy, so it appears that Americans are ignoring the media’s constant fear-mongering.
“The winds of recession aren’t coming closer to shore if the consumer continues to buy their hearts out,” Chris Rupkey, chief economist at MUFG, told Reuters.
Tim Quinlan, senior economist at Wells Fargo Securities LLC, agrees. “At a time when recession risk dominates most economic discussions, the strength of the U.S. consumer is among the more compelling examples of an economy that is still firing on all cylinders,” Quinlan wrote in a report.
Conservative radio star Rush Limbaugh shared the bullish economic indicators with his weekly audience of 15.5 million listeners.
“Now, this is fascinating. We were just talking about this,” Limbaugh said on his Sirius radio show Sept. 13. “Remember how good economic news always seems to panic the markets? When there’s good economic news. The Fed says, “Uh-oh! Uh-oh! We gotta raise rates. We gotta slow down the economy.’ Wall Street says the same thing. “Good economic news? Uh-oh!” They get concerned, because they say they’re worried about inflation, and, above all else, we gotta keep inflation controlled no matter anything else.”
Limbaugh continued: “So, there’s great economic news today: ‘Better-than-expected retail sales for August.’ They were up 0.4%. The estimate was 0.2%.”
He explained: “So, the actual retail sales growth for the month of August was twice what the experts thought it was gonna be. So, that’s the raw news. I have now a headline and story from Reuters. You ready? “Solid U.S. Retail Sales Ease Concerns About Economic Growth.'”
Limbaugh then read an excerpt from the Reuters story: “U.S. retail sales increased more than expected in August, pointing to solid consumer spending that should continue to support a moderate pace of economic growth. The report from the Commerce Department on Friday could further allay financial market concerns of a recession…” So here you go. You’ve got the great news! And now we get why [the anti-Trump media] shouldn’t be happy about it.”
As BizPac Review reported, the benchmark 10-year U.S. Treasury note soared to a three-year high last week. This severely undercuts media hype of an impending recession.
That said, the United States is in danger of an economic slowdown because of significant downturns in Europe and Asia.
The ongoing US-China trade dispute is another factor that could hurt the U.S. economy. Nevertheless, many Wall Street veterans say the fears of a near-term U.S. recession are overblown.
Meanwhile, unemployment in the United States is at a record low of 3.7%.
Black unemployment tumbled to a record low in August under the Trump administration — fueled, in part, by falling unemployment among black women in particular.
The unemployment rate for black workers fell from 6% in July to 5.5 % in August, according to newly released data from the Department of Labor.
This latest record smashed the previous record low of 5.9% for black unemployment that was set in May 2018.
Notably, unemployment among black women in the United States plunged to 4.4% in August — down from 5.2% in July.
About 130,000 new jobs were added in August, about 30,000 fewer jobs than in July. However, U.S. labor force participation rate rose from 63% in July to 63.2% in August.
China’s economy is catching up to the United States (thanks to US help over the past two decades). But never forget who’s the Big Dog.
Trump mocks Obama for trying to take credit for sizzling Trump economy: ‘Con job’
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Samantha Chang is a senior staff writer for BizPac Review. She is a financial editor and lawyer based in New York City.
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