Economy

Obama and Trump face off over claims of strong economy – CNN

Published

5 years ago

February 18, 2020

“Eleven years ago today, near the bottom of the worst recession in generations, I signed the Recovery Act, paving the way for more than a decade of economic growth and the longest streak of job creation in American history,” Obama wrote on Twitter.

Hours later, Trump hit back, accusing his predecessor of a “con job” in “trying to take credit for the Economic Boom taking place under the Trump Administration.”

“He had the WEAKEST recovery since the Great Depression, despite Zero Fed Rate & MASSIVE quantitative easing,” Trump wrote of Obama.

That argument was echoed by White House trade adviser Peter Navarro in an interview with CNN’s Poppy Harlow on Tuesday.

“What President Trump realized is that we had a structural problem, primarily with offshoring our jobs and overregulation and high taxes relative to around the world. He fixed those structural problems. That set up the economic boom that we’re having right now,” Navarro said on “Newsroom.”

But despite Trump’s frequent claims that the US under his watch is enjoying its strongest economic run ever, a look at jobs created over the first three years of Trump’s presidency against the last three years of Obama’s time in office tells a different story.

The US economy has gained 6.6 million jobs during Trump’s first 36 months in office. But in a comparable 36-month period at the end of Obama’s tenure, employers added 8.1 million jobs.

During Obama’s last 36 months in office, the average monthly gain was 224,000 jobs. Under Trump so far, employers have been adding an average of 182,000 jobs a month.

The gross domestic product figures haven’t hit over 4% economic growth on a quarterly basis during Trump’s time in office. Trump’s 2018 yearly growth of 2.9% matched Obama’s 2015 figure, but on both a quarterly and annual basis, the Trump economy has not yet exceeded the best quarters of the Obama years.

The US economy in 2019 grew at 2.3%, its slowest pace in three years, according to number released by the Commerce Department last month.

CNN Business’ Chris Isidore and Christine Romans contributed to this report.

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Economy

S&P/TSX composite gains almost 100 points, U.S. stock markets also higher

Published

8 hours ago

September 13, 2024

Anne Joseph

TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.

The S&P/TSX composite index closed up 93.51 points at 23,568.65.

In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.

The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.

The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.

The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.

This report by The Canadian Press was first published Sept. 13, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

Statistics Canada reports wholesale sales higher in July

Published

15 hours ago

September 13, 2024

Anne Joseph

OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.

The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.

The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.

The personal and household goods subsector fell 2.5 per cent to $12.1 billion.

In volume terms, overall wholesale sales rose 0.5 per cent in July.

Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.

This report by The Canadian Press was first published Sept. 13, 2024.

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Economy

S&P/TSX composite up more than 150 points, U.S. stock markets mixed

Published

2 days ago

September 12, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 172.18 points at 23,383.35.

In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.

The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.

The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.

The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.

This report by The Canadian Press was first published Sept. 12, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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