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President Trump may continue to tout his economic performance and calling the current state of the economy as the greatest ever. If the unemployment rate is the only measure, then this might truly be the greatest U.S. economy ever, but if we hover beyond just the unemployment rates, and look into labor force participation and growth forecasts, the story is different.
Last week’s non-farm payroll report showed that despite the ‘greatest economy ever’, the labour force participation rate is multi-decade low, while last night’s ‘GDPNow’ forecast projected U.S. economic growth at just 1.4 percent for the 2nd quarter of 2019, which s higher by just 0.1 percent compared to the previous forecast on 5th July.
If 1.4 percent turns out to be the final GDP reading, it would be the weakest growth in 10 quarters.
