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The lede: The most surprising thing about the latest unemployment report isn’t that the rate dropped to the lowest level since December 1969. It’s that unemployment wasn’t supposed to get anywhere near that low under President Trump. At least, not if you believed mainstream Keynesian economists.

More: The CBO projected that unemployment would never get below 4.4%, and would start rising again this year. Instead, the unemployment rate fell from 4% at the start of the year to 3.5%. The current unemployment rate is now a full percentage point below the CBO’s forecast. That translates into 1.6 million more people employed than the CBO expected.

More from I&I: GDP growth has exceeded the CBO’s forecast in every quarter starting with Q2 2017. That includes the second quarter of this year, which saw 2% growth where the CBO had projected 1.5%.
As a result, the economy is now $590 billion bigger than it was supposed to be.

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