America’s Booming Economy: By the Numbers
Recent Economic Markers Signal Surging Economic Growth
The U.S. Department of Commerce released the second-quarter gross domestic product (GDP) data today. The GDP hit 4.1% for the quarter. Every 1% in GDP growth represents nearly $1 trillion added to the economy. This news is just the latest signal that our economy is g rowing stronger.The U.S. Department of Commerce released the second-quarter gross domestic product (GDP) data today. The GDP hit 4.1% for the quarter. Every 1% in GDP growth represents nearly $1 trillion added to the economy. This news is just the latest signal that our economy is g rowing stronger.
“President Trump and Republicans in Congress campaigned on a promise to remove regulations, cut taxes, and revive America’s economy. Today’s news is a testament to the success of these efforts. Our unemployment is at the lowest level ever recorded, workers are seeing the benefits from tax reform, and there are more job openings than workers to fill them. While there is still more to do, it’s clear that that the promise made to the American people is being kept,” said McKinley.
Booming Economy: By the Numbers
• 4.1% - Second-quarter GDP
• 3.8% - Unemployment rate, the lowest in 20 years
• 6.6% - Black and Hispanic American unemployment rate, the lowest ever recorded
• $15,878 – Average increase in take-home pay for 1st District families over next 10 years because to tax reform
• $300 million: Amount of wealth that has been repatriated from foreign countries because of tax reform.
• 17-Year High: Consumer confidence level hits highest mark since 2001.
• 86% - Percentage of manufacturers reporting they’ve made plans to increase investment because of tax reform
• 6.7 million – Number of job openings. First time since 2000 that there are more open jobs than unemployed individuals.
• 3.7 million – Jobs created since November 2016.
• 4 million – Number of workers who have already seen benefits handed down from their company because of tax reform.
• 90% - Percentage of Americans who will see bigger paychecks because of tax reform.