Strong economy bolsters Trump heading into 2020

  • by:
  • Source: The Hill
  • 07/31/2020
A raft of surprisingly strong recent economic data is likely to bolster President Trump's case as he heads into the 2020 election.

The U.S. labor market blew past expectations by adding 263,000 jobs in April, with the unemployment rate falling to the lowest level in 50 years, and gross domestic product growth accelerated at a 3.2 percent annual rate in the first quarter.

Financial markets have rebounded to record highs after a bloody end to 2018, while wage growth is slowly increasing after years of near stagnation.

Economists had widely expected the U.S. economy to slow this year, with some raising the specter of a potential recession. But those fears have fallen by the wayside, and the strong top-line numbers give Democrats few openings to attack Trump on the state of the economy.

“Markets were wrong about the risks of a recession at the turn of the year. The economy still has significant momentum,” wrote Diane Swonk, chief economist at Grant Thornton, in a Friday research note.
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