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Year In Review: You’re Hired!, U.S. Economy Thriving Under Trump

- December 18, 2017

1.7 Million New Jobs, Record Highs For The Stock Market, And Unemployment At The Lowest It Has Been Since 2000

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TOP TAKEAWAYS

  • Over 1,700,000 new jobs have been created since January, including 159,000 new manufacturing jobs, and the unemployment rate has decreased from 4.8 percent to 4.1 percent.
  • Encouraged by a Republican agenda of tax reform and eliminating burdensome regulations, the stock market had a “banner year,” with the Dow Jones increasing by 5,000 points in one year – the first time in its 121-year history – and surpassing a record 24,000.
  • The economy grew by over three percent for two consecutive quarters in 2017, which was greater than analysts expected and reflects the resilience of the U.S. economy even after debilitating hurricanes.
  • Consumer confidence and investor optimism are both at 17-year highs while unemployment is at a 17-year low.
  • President Trump's engagement with business leaders and emphasis on keeping jobs in America has spurred hundreds of billions of dollars in new investments and companies have announced tens of thousands of new jobs.

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THE JOB MARKET HAS THRIVED SINCE PRESIDENT TRUMP TOOK OFFICE

The Labor Market Has Improved Dramatically In 2017, Adding 1.7 Million Jobs Since President Trump Took Office In January

Nonfarm Payroll Has Increased By 1,700,000 Since This January . ("Databases, Tables And Calculators By Subject," Bureau Of Labor Statistics , Accessed 12/8/17)

Unemployment Has Decreased From 4.8 Percent In January 2017 To 4.1 Percent As Of November 2017 . ("Databases, Tables And Calculators By Subject," Bureau Of Labor Statistics , Accessed 12/8/17)

U.S. Unemployment Is At Its Lowest Point Since 2000. "With U.S. unemployment at the lowest since 2000 and the stock market reaching records, several widely followed measures of Americans' sentiment are at or near the highest they've been since before the last recession." (Scott Lanman, "Trump Tweets Consumer Confidence Is At Record High, But It's Not," Bloomberg , 12/12/17)

After The Last Jobs Report Was Released, The Chief Economist Of Moody's Analytics "The Job Market Is Red Hot, With Broad-Based Job Gains Across Industries And Company Sizes." "'The job market is red hot, with broad-based job gains across industries and company sizes. The only soft spots are in industries being disrupted by technology, brick-and-mortar retailing being the best example,' Mark Zandi, chief economist of Moody's Analytics, said in a statement." ("U.S. Private Employment Growth Eases But Manufacturing Shines: ADP," Reuters , 12/6/17)

Michigan Has Gained 8,992 Jobs Since January And The Unemployment Rate Has Decreased From 5.2 To 4.3. ("Local Area Unemployment Statistics," Bureau Of Labor Statistics ," Accessed 12/18/17)

Wisconsin Has Gained 55,363 Jobs Since January And The Unemployment Rate Has Decreased From 3.9 To 3.4. ("Local Area Unemployment Statistics," Bureau Of Labor Statistics ," Accessed 12/18/17)

North Dakota Has Gained 2,326 Jobs Since January And The Unemployment Rate Has Decreased From 3.0 To 2.4. ("Local Area Unemployment Statistics," Bureau Of Labor Statistics ," Accessed 12/18/17)

Florida Has Gained 256,783 Jobs Since January And The Unemployment Rate Has Decreased From 5.0 To 3.6. ("Local Area Unemployment Statistics," Bureau Of Labor Statistics ," Accessed 12/18/17)

UNDER PRESIDENT TRUMP, THE ECONOMY HAS SHOWN BIG-LEAGUE GROWTH

Economic Growth Topped 3 Percent In Two Consecutive Quarters

According To The Commerce Department, Second-Quarter 2017 GDP Growth Was 3.1 Percent, Its Fastest Pace In Two Years. "US economic growth in the second quarter was stronger than previously thought, according to the Commerce Department's third estimate of gross domestic product released Thursday. GDP, the value of everything produced in America, was revised up to an annualized growth rate of 3.1% from 3%. It was the fastest rate since the first quarter of 2015." (Akin Oyedele, "US Economic Growth Hits A 2-Year High On Strong Business And Consumer Spending," Business Insider , 9/28/17)

According To The Commerce Department, Third-Quarter 2017 GDP Growth Was 3.3 Percent, Its Fastest Rate In Three Years. "Led by a rise in business investment, the U.S. economy grew at an annual pace of 3.3 percent from July through September, its fastest rate in three years. The Commerce Department estimated Wednesday that third-quarter growth exceeded the 3 percent annual expansion it had initially reported last month." (Paul Wiseman, "US Economy Expanded At Brisk 3.3 Percent Pace In Third Quarter," NBC News , 11/29/17)

The Economy Grew Faster Than Analysts Expected Showing The Resilience Of The U.S. Economy Even After Debilitating Hurricanes. "The U.S. economy grew faster than analysts had expected in the third quarter of 2017, with the Bureau of Economic Analysis saying America's real gross domestic product increased at 3 percent - below the 3.1 percent rise in the previous quarter, but showing resilience in the face of debilitating hurricanes. 'Together they represent the fastest six-month period of growth since 2014,' NPR's John Ydstie reports." (Bill Chappell, "U.S. GDP Beats Expectations, Growing At 3 Percent," NPR , 10/27/17)

The New York Federal Reserve Estimated That Fourth Quarter GDP Will Grow At A 3.98 Percent Rate. "The New York Federal Reserve on Friday raised its estimate of U.S. gross domestic product growth for the fourth quarter of 2017 closer to 4 percent, based on revisions of prior data that suggested stronger economic activities. The regional central bank's 'Nowcast' model calculated the economy was expanding at an annualized pace of 3.98 percent in the fourth quarter." ("N.Y. Fed Raises U.S. Fourth-Quarter GDP Growth View To Near 4 Percent," Reuters , 12/15/17)

Janet Yellen, Chairwoman Of The Federal Reserve Said That "The American Economy Was In Good Health," In An "Upbeat Assessment." "Janet L. Yellen, chairwoman of the Federal Reserve, said on Sunday that the American economy was in good health in an upbeat assessment that reinforced expectations the Fed is planning to raise its benchmark interest rate later this year." (Binyamin Appelbaum, "Fed's Janet Yellen Says The Economy Remains In Good Health," The New York Times , 10/15/17)

Under President Trump, The Stock Market Has Reached Record Highs

New York Post Headline: "Dow Blows Past 24,000 For The First Time Ever" (Carleton English, "Dow Blows Past 24,000 For The First Time Ever," New York Post , 11/30/17)

In 2017, The Dow Jones Increased By 5,000 Points In A Year Which It Had Never Done Before In Its 121-Year History. "The Dow Jones industrial average just did something it has never done in its 121-year history" "The Dow Jones industrial average just did something it has never done in its 121-year history. The 30-stock average is now up more than 5,000 points in a year, marking its biggest annual-points gain ever." (Fred Imbert, "Dow Rises 5,000 Points In A Year For The First Time Ever," CNBC , 12/18/17)

The Dow, The S&P 500, And The Nasdaq All Had A "Banner Year." "The Dow, along with the S&P 500 and the Nasdaq composite, has had a banner year, rising 25.6 percent." (Fred Imbert, "Dow Rises 5,000 Points In A Year For The First Time Ever," CNBC , 12/18/17)

U.S. Investor Optimism Is The Highest Its Been In 17 Years. "U.S. investor optimism has remained strong in the fourth quarter, with investors mostly upbeat about the 12-month outlook for the economy, the stock market, unemployment and their personal finances. This is reflected in the Wells Fargo/Gallup Investor and Retirement Optimism Index, which hit +140 in the fourth-quarter poll. While similar to the +138 recorded in the third quarter, it is up from +96 a year ago and is technically the highest since September 2000, when it was +147." (Lydia Saad, "U.S. Investor Optimism Still Riding High," Gallup , 12/12/17)

Wall Street Rallied This Year, In Part, Because Of The Republican Agenda Of Tax Reform And Easing Regulatory Burdens On Businesses. "Investors are exuberant and for good reason: the global economy is strong, corporate earnings are solid, Washington appears closer to delivering lower taxes on corporations and is signaling less restrictive oversight of the financial sector. Thanks to that enthusiasm, Wall Street finished November with a broad rally that gave the Dow Jones industrial average its biggest gain since March and pushed it past the 24,000 mark for the first time." ("Dow Scores Biggest Gain Since March To Pass 24,000 On Tax-Cut Hopes," The Associated Press , 11/30/17)

Consumer Confidence Continued To Increase For The Fifth Month In A Row, Remaining At A 17-Year High In November

Bloomberg: "Several Widely Followed Measures Of Americans' Sentiment Are At Or Near The Highest They've Been Since Before The Last Recession." "With U.S. unemployment at the lowest since 2000 and the stock market reaching records, several widely followed measures of Americans' sentiment are at or near the highest they've been since before the last recession." (Scott Lanman, "Trump Tweets Consumer Confidence Is At Record High, But It's Not," Bloomberg , 12/12/17)

The Conference Board's Consumer Confidence Index, Continued To Increase In Their Latest Release, Reaching 129.5. "The Conference Board Consumer Confidence Index, which had improved in October, increased further in November. The Index now stands at 129.5" ("Consumer Confidence Survey," The Conference Board , 11/28/17)

Consumer Confidence Reached A New High For The Fifth Month In A Row, Remaining At A 17-Year High, "Driven Primarily By Optimism Of Further Improvements In The Labor Market." "'Consumer confidence increased for a fifth consecutive month and remains at a 17-year high (Nov. 2000, 132.6),' said Lynn Franco, Director of Economic Indicators at The Conference Board. 'Consumers' assessment of current conditions improved moderately, while their expectations regarding the short-term outlook improved more so, driven primarily by optimism of further improvements in the labor market. Consumers are entering the holiday season in very high spirits and foresee the economy expanding at a healthy pace into the early months of 2018.'" ("Consumer Confidence Survey," The Conference Board , 11/28/17)

Consumer Sentiment Has "Remained Quite Favorable" In Early December As "Consumers Thought Current Economic Conditions Have Continued To Improve." "Consumer sentiment has remained quite favorable although it continued to slowly recede in early December from its October cyclical peak. Most of the recent decline was concentrated in the long-term prospects for the economy, while consumers thought current economic conditions have continued to improve." ("Survey Of Consumers," University Of Michigan, 12/17)

For The First Time In 11 Years, The CNBC All-American Economic Survey Found That Over Half Of Respondents Think The Economy Is Good Or Excellent, And 41 Percent Think The Economy Will Improve In 2018. "The CNBC All-American Economic Survey found that for the first time in at least 11 years, more than half of respondents to the survey rated the economy as good or excellent, while a near record 41 percent expected the economy to improve in the next year." (Steve Liesman, "Economic Optimism Soars, Boosting Trump's Approval Rating: CNBC Survey," CNBC , 12/18/17)

Micah Roberts Of Public Opinion Research Said In 2017 Americans Put The Recession Behind Them, "And It Took A Change In Leadership" To Make It Happen." "'2017 is the year that Americans finally put the recession behind them in terms of their attitudes about the economy and it took a change in leadership' to make it happen, said Roberts." (Steve Liesman, "Economic Optimism Soars, Boosting Trump's Approval Rating: CNBC Survey," CNBC , 12/18/17)

PRESIDENT TRUMP HAS KEPT HIS PROMISE TO REVITALIZE THE MANUFACTURING INDUSTRY

President Trump Promised To Keep More Manufacturing Jobs In America

One Of Trump's Most "Prominent" Campaign Promises Was That America Would Keep Manufacturing Jobs In America. "The White House declared this week 'Made in America' week, a distinction to promote one of President Trump's most prominent campaign promises: We'll produce more goods in this country to keep manufacturing jobs in America. Much of Trump's success in the 2016 election has been attributed to his effective communication of this economic message and his promise to bring back jobs to America's working class." (Allison Michaels, "Will Trump Bring Back American Manufacturing Jobs?," The Washington Post, 7/21/17)

In 2017 , The Manufacturing Industry Has Made A Comeback

Under President Trump, The Nation Has Gained 159,000 Manufacturing Jobs . ("Databases, Tables And Calculators By Subject," Bureau Of Labor Statistics , Accessed 12/8/17)

In November, The U.S. Manufacturing Sector Added The Most Jobs In At Least 15 Years . "U.S. private-sector employment growth eased in November even as the manufacturing sector added the most jobs in at least 15 years, a report by a payrolls processor showed on Wednesday." ("U.S. Private Employment Growth Eases But Manufacturing Shines: ADP," Reuters , 12/6/17)

After Losing 34,000 Jobs In 2016, 138,000 Manufacturing Jobs Were Created By October 2017. (Patrick Gillespie, "Is Trump Keeping His Promises On Manufacturing?," CNN , 12/4/17)

PRESIDENT TRUMP'S PRO-GROWTH AGENDA HAS BROUGHT INVESTMENT AND JOBS BACK TO AMERICA

Since His Election, President Trump Has Brought Significant Investment And Capital Back To America By Working With Companies

Hyundai Announced It Would Increase Investments To $3.1 Billion Over The Next Five Years Citing An Expected "Boost In The US Economy And Increased Demand For Various Models As President-Elect Trump Follows Through On His Promise To Create 1M Jobs In Five Years." "Hyundai Motor, South Korea's largest carmaker, says it will increase its investment in the US by 50 per cent over the next five years, to $3.1bn, as it seeks to capitalize on pledges by President-elect Donald Trump to boost the American economy. The announcement comes just three days before the swearing-in of Mr Trump, who has threatened to slap hefty taxes on Mexican-built vehicles imported into the US. Hyundai denied that the investment was a response to an intensifying Twitter assault by Mr Trump on global automakers for producing cars and investing in Mexico rather than in the US, but rather a reflection of the importance of the US market. 'We expect a boost in the US economy and increased demand for various models as president-elect Trump follows through on his promise to create 1m jobs in five years,' Chung Jin-haeng, president of Hyundai Motor, told reporters in Seoul on Tuesday." (Brian Harris, "Hyundai Motor Announces $3bn US Investment," CNBC , 01/17/17)

Bayer AG Promised President Trump $8 Billion Of Investment In The U.S. And To Add 3,000 Jobs At Monsanto. "Bayer AG and Monsanto Co. promised President-elect Donald Trump $8 billion of investment in the U.S. and thousands of new jobs should the companies' planned merger, the biggest-ever in agriculture, clear regulatory approvals. Bayer Chief Executive Officer Werner Baumann promised to add 3,000 jobs at Monsanto while keeping its headquarters in St. Louis after the deal is completed, Trump spokesman Sean Spicer said Tuesday." (Justin Sink and Mario Parker, "Bayer-Monsanto Pledge Investment, Jobs After Trump Meeting," Bloomberg , 01/17/17)

After Meeting With President Trump, Delta Air Lines Announced It Would Create 25,000 New Jobs Over The Next Five Years. "Delta Air Lines CEO Ed Bastian announced after a meeting of airline chiefs with President Donald Trump that the carrier plans to hire 25,000 people over the next five years." (Yamanouchi Kelly, "Delate To Hire 25,000 Workers, CEO Meets With Trump," Atlanta Journal-Constitution , 02/09/17)

Exxon Mobil Announced It Was Investing $20 Billion In A Program To Create 45,000 Construction And Manufacturing Jobs In The United States Gulf Coast Region. " President Donald J. Trump today congratulated Exxon Mobil Corporation on its ambitious $20 billion investment program that is creating more than 45,000 construction and manufacturing jobs in the United States Gulf Coast region." (Press Release, "President Trump Congratulates Exxon Mobil For Job-Creating Investment Program," The White House , 03/06/17)

Saudi Arabia Announced An Investment Of As Much As $40 Billion In The U.S. "Saudi Arabia is preparing to cement ties with President Donald Trump by committing to unprecedented investments in the U.S. The kingdom's sovereign wealth fund is set to announce plans to deploy as much as $40 billion into U.S. infrastructure, according to people familiar with the matter. The investment may be unveiled as early as next week to coincide with Trump's visit to the kingdom, said the people, asking not to be identified as the information is private. " (Dinesh Nair and Keith Campbell and Matthew Martin, "Saudis Said To Boost U.S. Ties With $40 Billion Investment," Bloomberg , 05/11/17)

As President Trump Has Focused On Keeping Jobs In The U.S., Infosys Announced It Will Hire Up To 10,000 Americans To Serve Clients In The U.S. "Facing new corporate demands and political pressure from a Trump administration that wants to curb immigrant work visas, Infosys, one of India's leading tech outsourcing companies, said Tuesday that it will hire up to 10,000 Americans to serve its clients in the United States. The move makes Infosys the latest Asian technology company to portray itself as a jobs creator as President Trump threatens to take action against companies he sees as hurting American workers." (Vindu Goel and Paul Mozur, "Infosys, An Indian Outsourcing Company, Says it Will Create 10,000 U.S. Jobs," The New York Times , 05/02/17)

President Trump "Welcomed" The Signing Of Business Deals With Vietnamese Prime Minister Worth $15 To $17 Billion. "President Donald Trump discussed trade with Vietnamese Prime Minister Nguyen Xuan Phuc during a White House visit on Wednesday and welcomed the signing of business deals worth billions of dollars and the jobs they would bring…Phuc said on Tuesday he would sign deals for U.S. goods and services worth $15 billion to $17 billion during his Washington visit, mainly for high-technology products and for services." ("Trump Hails Signing Of Deals Worth 'Billions' With Vietnam," Reuters , 05/31/17)

Corning, Merck & Co. And Pfizer Announced Plans To Invest $4 Billion And Create 4,000 New Jobs In The U.S. "'We've been involved in a collaboration with Merck and Pfizer for a number of years to dramatically improve pharmaceutical packaging,' Corning's president and chief executive officer, Wendell Weeks, told CNBC outside the White House. 'And what we've invented is a product called Valor Glass, and it's a substantial improvement in quality and in manufacturing throughput. What it does is make patients safer and helps improve pharmaceutical manufacturing. So, what we're announcing is we're investing immediately half a billion dollars in creating 1,000 new American jobs. This is just part one in a plan to invest $4 billion and create 4,000 high-tech jobs right here in the U.S.'" (Mark Terry, "Corning, Merck & Co. And Pfizer To Invest $4 Billion And Create 4,000 New Jobs In The U.S.," Biospace , 7/24/17)

Foxconn, A Chinese Technology Company, Will Invest $10 Billion To Create A High Tech Manufacturing Facility In Wisconsin That Will Initially Create 3,000 Jobs And Could Eventually Generate As Many As $13,000 Jobs With An Additional 22,000 Indirect And Construction Jobs. "Chinese technology company Foxconn will invest $10 billion to create a state-of-the-art manufacturing facility in Wisconsin, chairman Terry Gou said at the White House on Wednesday. Foxconn said the deal will create 3,000 jobs. Wisconsin Gov. Scott Walker said the agreement could eventually grow to 13,000 jobs, with 22,000 indirect and induced jobs and 10,000 construction jobs. Walker said it could also help the state attract and retain talent." (Anita Balakrishnan, "Foxconn Unveils $10 Billion Investment In Wisconsin During White House Event," CNBC , 7/26/17)

Toyota And Mazda Will Build A 1.6 Billion Dollar Manufacturing Plant In The U.S. By 2021, The Plant Would Create As Many As 4,000 Jobs. "Toyota and Mazda have announced plans to build a $1.6 billion manufacturing plant in the United States that will create as many as 4,000 jobs. The Japanese automakers said in a statement Friday that the facility would be operational by 2021, but did not specify where it would be built." (Charles Riley, "Toyota And Mazda To Build $1.6 Billion Factory In The U.S.," CNN , 8/4/17)

  • Toyota Has Said It Has Plans To Invest $10 Billion In The U.S. In The Next 5 Years . "The prospect of a new factory in the U.S. could set off a competition among states over its location. State and local governments are likely to offer subsidies and tax incentives to land the factory, which could produce as many as 300,000 vehicles a year. Toyota has said it plans to invest $10 billion in the U.S. over the next five years." (Charles Riley, "Toyota And Mazda To Build $1.6 Billion Factory In The U.S.," CNN , 8/4/17)

German Firm Daimler Is Set To Invest $1 Billion Into Its U.S.-Based Mercedes-Benz Plant In Alabama, Creating 600 New Jobs. "Germany's Daimler (DAIGn.DE) said it will invest $1 billion to expand its U.S.-based Mercedes-Benz plant in Alabama to start building electric sport-utility vehicles there from about 2020. More than 600 new jobs will be created as part of the investment, which includes plans to build a facility in 2018 near the factory in Tuscaloosa to produce batteries for zero-emission vehicles, Daimler said on Thursday, confirming a Reuters story." ("Daimler To Invest $1 Billion In Alabama Plant, Create Over 600 Jobs," Reuters , 9/21/17)

In Early November, President Trump And Chinese President Xi Jinping Announced $250 Billion In Deals Between China And The United States In Industries Like Energy, Technology And Aviation. "President Trump and his Chinese counterpart, Xi Jinping, on Thursday announced more than $250 billion in deals between the two countries across industries like energy, technology and aviation." (Daniel Shane, "These Are The Companies Behind Trump's $250 Billion Of China Deals," CNN , 11/9/17)

  • Per The Memoranda Of Understanding, China Is Set To Invest More Than $100 Billion Into U.S. Energy Projects In Coming Years Including An $84 Billion Plan To Invest In Shale Gas And Chemical Manufacturing Projects In West Virginia, And A $43 Billion Investment Into Alaska's Energy Sector. "China could pour more than $100 billion into U.S. energy projects in the coming years under two of the deals. One is an $84 billion plan from state-owned China Energy Investment Corp. to invest in shale gas and chemical manufacturing projects in West Virginia. That comes with a couple of caveats, though. It's spread out over 20 years and the deal is only a memorandum of understanding rather than a finalized contract. Another plan aims to invest as much as $43 billion in Alaska's energy sector. China Petroleum & Chemical Corp., better known as Sinopec (SHI), and the Alaskan government will jointly develop the state's liquified natural gas industry. Alaska says the agreement will create up to 12,000 jobs." (Daniel Shane, "These Are The Companies Behind Trump's $250 Billion Of China Deals," CNN , 11/9/17)
  • Boeing, General Electric, And Qualcomm All Signed Multi-Billion Dollar Deals During President Trump's Trip To China. "Watched by Trump and China's President Xi Jinping at a signing ceremony in Beijing, U.S. planemaker Boeing, General Electric, and chip giant Qualcomm sealed lucrative multibillion-dollar deals. 'This is truly a miracle,' China's Commerce Minister Zhong Shan said at a briefing in Beijing." ("Trump's $250 Billion China 'Miracle' Adds Gloss To 'Off-Kilter' Trade," Reuters , 11/7/17)

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