U.S. economic growth has accelerated as President Trump’s pro-growth policies have taken effect. Here is a list of recent reports showing how the U.S. economy is firing on all cylinders.
Major U.S. stock indexes
Since Trump was elected president, the Dow Jones Industrial Average has climbed 37%, the S&P 500 has added almost 30% and the NASDAQ has appreciated by 45%.
The job market
The February unemployment rate was 4.1%, the last time it was below 4.1% was July 2000 when it was 4%. Total nonfarm payroll employment increased by 313,000 in February, the highest monthly jobs additions since July 2016 and the civilian increased by 806,000 in February, the highest since June 1983, according to data from the U.S. Labor Department.
Gross domestic product
February marked the 104th month of economic expansion, the second-longest stretch on record. The economy needs to expand for just 16 more months to set a new record.
U.S. consumer confidence surged in February, increasing to 130.80 in February, up from 124.30 in January. February’s reading was the highest since November 2000 when it reached 132.60. According to the Conference Board’s director of economic indicators, Lynn Franco, the view of an improving labor force was the main driver of the boost in consumer confidence.
U.S. home sales in 2017 rose at their fastest annual rate in three years, according to Standard & Poor’s CoreLogic Case-Shille index. Housing prices increased by 6.3% in 2017. Applications for home loans hit their highest level since April 2010, according to the Mortgage Bankers Association.
Household net worth
The booming stock market and appreciating home values are padding Americans’ pockets, with the net worth of U.S. households and nonprofits hitting $98.7 trillion in the fourth quarter of 2017, according to data from the Federal Reserve. Americans also started to see fatter paychecks in 2018 as tax reform resulted in tax cuts that many companies are passing along to their employees in the form of bonuses and increased benefits.