Despite the media’s portrayal of the Trump presidency as being a total disaster, the billionaire businessman is leading the economy in the right direction, based on new forecasts Wednesday. U.S. worker productivity increased at its fastest pace in three years in the third quarter.
The Labor Department said Thursday that non-farm productivity, which measures hourly output per worker, rose at a 3.0 percent annualized rate. That was the quickest pace since the third quarter of 2014. Growth in second-quarter productivity was unrevised at a 1.5 percent rate.
Economists polled by Reuters had forecast productivity rising at a 2.4 percent pace in the July-September quarter.
According to Reuters, first-time claims for state unemployment insurance benefits fell from the previous week, coming in below expectations.
U.S. weekly jobless claims totaled 229,000 in the week ended October 28, below the 235,000 claims economists polled by Reuters anticipated. This was a 1.7 percent decline from the previous week when claims totaled a revised 234,000.
JOIN THE MOVEMENT to SAVE THE NATIONAL ANTHEM
Please join the thousands of DML readers who have purchased a bumper sticker. CLICK HERE.
If you would like to receive Breaking News text alerts on a smartphone or tablet, download the DML APP which is completely FREE and easy to use. Go to the Google Play Store or the IOS App Store and search for DML APP. Be sure to keep the app’s notifications setting on. Another way to receive alerts is to text to 40404 the following message: follow @realdennislynch (be sure to put a space between the word follow and the @ symbol).
To see more stories like this, sign up below for Dennis Michael Lynch’s email newsletter.
Sign up to get breaking news alerts from Dennis Michael Lynch.
Michelle Obama slams men as “self-entitled” (video)