Trump Renews Tariff Threat Against China and Touts U.S. Economic ‘Boom’ – The New York Times

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At other points, Mr. Trump criticized President Barack Obama, and he repeatedly overstated his own economic record.

Mr. Trump has presided over a strong labor market, where unemployment has fallen to a half-century low. The share of people working or looking for work has increased, and wages are growing — although not as quickly as they did before the 2007 to 2009 recession.

Job growth has slowed somewhat recently, but that is in line with economists’ expectations, given that the United States’ economic expansion is in a record-breaking 11th year. Job growth averaged about 217,000 per month during Mr. Obama’s second term, and has averaged about 189,000 in Mr. Trump’s tenure through October.

Yet sectors of the economy, particularly manufacturing, have fallen short of the strong performance that Mr. Trump spoke of on Tuesday.

“Factories and businesses will always find a home,” the president said. “It is up to us to decide whether that home will be in a foreign country, or right here in our country, our beloved U.S.A., and that’s where we want them to stay and be and move to.”

Manufacturing has slowed sharply this year, with factory activity contracting in August, September and October, according to data from the Institute for Supply Management.

Businesses have been slow to buy equipment despite Mr. Trump’s corporate tax cuts, which provided favorable tax treatment for new purchases. Many businesses anecdotally cite uncertainty related to the administration’s drawn-out trade wars as a cause for their hesitancy. Productivity, which looked to be trending upward, posted a decline in the third quarter, data showed last week.

Source Article from https://www.nytimes.com/2019/11/12/business/trump-trade-economy.html

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