Back in mid-August the new it girl was a looming recession. The media was just wild about her. It’s all they could talk about it. And what did I say? The media’s obsession (short on substance) was a giveaway. And their wanting one probably meant it was a lie.
The first clue that we’re probably in excellent economic shape is this: the lying media is all in on insisting we’re headed for a recession. It has replaced racism (at least for a moment) as the thing that will finally take down Trump.
That means it’s probably not true
And, I was right. Well, I had help. I read news from financial experts who do not appear to have a vested interest in the destruction of Donald Trump. Their consensus was that there was nothing to see. And I shared that with you.
A month later and the recession has been canceled.
Last week U.S. economic data included the Labor Department’s report on initial filings for unemployment benefits, at historically low levels. Also last week, the Commerce Department reported the U.S. housing market (new homes and permits) was the strongest since 2007. Then came the Philadelphia Fed’s index of manufacturing business activity in September, more than doubling estimates as factories continue to expand. And if that wasn’t too much winning, the Commerce Department then announced August retail sales growth was double expectations. Main Street USA is very strong.
I’m not sure you’ll see nearly as much reporting from the same venues that were predicting the end of the world. The Never-Trumpers will not likely (even begrudgingly) take back any of the things they said about the corrosive effect of his tariffs or trade wars. But Bloomberg, of all places, had the good graces to call the fight.
The U.S. economy is outperforming expectations by the most this year, offering a fresh rebuttal to last month’s resurgent recession fears fueled by the trade war and a manufacturing slump.
The Bloomberg Economic Surprise Index has reached an 11-month high after four indicators released Thursday, including existing home sales and jobless claims, each surpassed expectations.
Bloomberg is not padding its bra in hopes of fooling people into expecting something that’s not there. Unlike CNN their “customers” would quickly drop them if the financial news turned out to be misleading because the editors didn’t like the sitting president. Probably.
I’m not giving them, nor any of their other “news” more credit than that. But we give it where it is due.
Trump is still ‘winning.’