President Trump touted the state of the U.S. economy on Thursday, just one day after the Dow Jones Industrial Average suffered its worst trading session of the year.
“The United States is now, by far, the Biggest, Strongest and Most Powerful Economy in the World, it is not even close!” Trump said in a tweet. “As others falter, we will only get stronger. Consumers are in the best shape ever, plenty of cash. Business Optimism is at an All Time High!”
The Dow closed 800.49 points, or 3.05 percent, lower on Wednesday as global growth and trade concerns worried investors, causing many to turn to U.S. government debt. The yield curve on U.S. Treasurys inverted Wednesday – meaning the 2-year Treasury yield exceeded that of the 10-year note – which typically signals a recession is likely.
However, U.S. small business appears to be the anomaly. The NFIB Small Business Optimism Index rose to 104.7 in July from 103.3, with “expectations for business conditions, real sales and expansion” gaining significantly.
“While many are talking about a slowing economy and possible signs of a recession, the 3rd largest economy in the world continues to defy expectations, generating output, creating value, and expanding the economy,” said NFIB President and CEO Juanita Duggan. “Small business owners want to grow their operations, and the only thing stopping them is finding qualified workers.”
Trump also tweeted Thursday that farmers will be the "big winners" when it comes to trade.
"Our Great Farmers know how important it is to win on Trade. They will be the big winners!"