US Economy Shatters Record Under President Trump
Across social media users have stated that we are living in a golden era. America's economy under President Trump has now set a record for most consecutive months with economic growth.
The U.S broke its record for time without an economic recession Monday as it began the 121st consecutive month of gross domestic product (GDP) growth since the 2008 recession.
The Hill reported that the recovery, which began in July 2009, turned 10 years old Monday, marking the longest stretch of economic expansion in modern U.S. history.
After unemployment peaked at 10 percent in October 2009, the decade-long recovery drove the unemployment rate down to near record lows - 3.6 percent as of June. The economy has added jobs in every month since October 2010, while GDP growth has stayed solid, if not always remarkable, throughout the past ten years.
After growing by 2.9 percent of GDP in 2018, the U.S. economy is expected to grow at a slower 2.1-percent rate in 2019, according to Fed projections. The Fed may also cut interest rates if damage from President Trump’s trade battles with China and Europe, slowing global growth and geopolitical tensions threaten to slow the U.S. economy further, the bank announced last month.
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