President Trump says the U.S. is in the midst of an economic boom that has never been seen before.
“Today, I am proud to stand before you as President to report that we have delivered on our promises – and exceeded our expectations,” Trump said in a speech at the Economic Club of New York on Tuesday. “We have ended the war on American workers, we have stopped the assault on American industry, and we have launched an economic boom the likes of which we have never seen before” he said, adding that the strong economy developed despite the Fed hiking rates "far too fast" and cutting rates "far too slow."
The president said his administration has created 7 million new jobs – well above the less than 2 million that the Congressional Budget Office had projected. The U.S. unemployment rate was at 3.6 percent in October, near a 50-year low.
Trump said 2 million Americans have rejoined the labor force since he took office, and that more than 1.1 million fewer citizens rely on part-time work.
“We want the incentives created by our tax, trade, regulatory, and energy policies to be pro-growth, pro-worker, and 100% pro-American,” he added.
Trump also touted the record levels of the U.S. stock market in his remarks, noting that the S&P 500 has gained more than 45 percent since his election win. The Dow Jones Industrial Average and Nasdaq are up more than 50 percent and 60 percent, respectively.
|I:DJI||DOW JONES AVERAGES||35368.47||-543.34||-1.51%|
|I:COMP||NASDAQ COMPOSITE INDEX||14506.896644||-386.86||-2.60%|
The president said you could've added another 25 percent to each of those numbers "if we had a Federal Reserve that worked with us."
In total, the U.S. economy has received a nearly $10 trillion boost under his watch, Trump said.
This story is developing. Check back for updates.