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Economic Trends: Confidence Boomed After the Election. The Economy Hasn’t.

NYT

President Trump said on Twitter on Sunday that the stock market was at an “all-time high” and that unemployment was at its lowest level in years, both of which are true (he added that wages would start going up, which is certainly possible).Continue reading the main storyBut in overall measures of economic activity, the expansion looks much as it has for years, with steady growth of around 2 percent. The Trump economy so far looks an awful lot like the Obama economy.For all of business executives’ apparent enthusiasm, the nation is adding jobs more slowly in 2017 than it did in 2016, and investment spending by businesses is growing modestly; new orders for capital goods are up only 0.7 percent so far in 2017.Consumers’ spending was 2.7 percent higher in the first four months this year than in the same period of 2016, adjusted for inflation — which is slower than the 3.2 percent year-over-year gain at the end of 2016.And while the stock market has been surging and the Federal Reserve has raised short-term interest rates, long-term Treasury bond yields remain very low, suggesting that traders do not buy the idea that growth is poised to accelerate

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Economic Trends: Confidence Boomed After the Election. The Economy Hasn’t.

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