Amidst his personal Twitter crusade on just about everything, US President Donald Trump still finds time to celebrate. According to a recent report shared by Bloomberg, consumer comfort has reached an all-time high. The figure, which gives a strong indicator of the state of the economic environment, is now at 50.6. That’s the highest since March 2007, when it was at 49.8.
The President took to Twitter to celebrate the success, reposting the graph, surprisingly without his own commentary this time:
— Donald J. Trump (@realDonaldTrump) March 9, 2017
Stock indexes are soaring at the moment. Some of Trump’s policies have also strengthened the job market – boosting or encouraging the likes of ExxonMobile and SotftBank to add jobs. Nearly 300,000 jobs alone were added in February, the first complete month of his term. Fox News has reported that economists remain cautious, taking the results of one month as a temporary measurement. However, the strong job market has been instrumental in driving consumer comfort numbers up.
Here are some other points worth noting:
This is only the sixth time since 2002 that the rating as exceeded 50. Much of the approval does come from the Republicans’ side, whose sentiments have become more optimistic than that of Democrats for the first time since September 2013. The greatest comfort also comes from married Americans – a demographic that hasn’t approved this strongly in a decade.
LinkedIn Workforce Report: January and February were the strongest consecutive months for hiring since August and September 2015
— Donald J. Trump (@realDonaldTrump) March 8, 2017
A Strong Inheritance?
Some critics have naturally dismissed the number. Some online responses were quick to suggest that the consumer confidence rating was due to the solid economic foundation left behind by Obama’s administration, rather than any positive influence direct affected by Trump.
One user referenced that some of the economic success achieved by the previous administration, talking about the recovery on employment to pre-recession levels, and the rise of GDP. However, the same user (and other vocal online critics of Trump) failed to mention Trump’s own campaigns and their potential causation of the consumer comfort rating hitting its high notes. It’s been roughly six weeks since Trump assumed the presidency; that’s plenty of time for his swings to make some impact.
And the question of Trump’s economic inheritance, however, isn’t that simple. In 2016, the Wall Street Journal shared that Obama’s post-recession recovery was still the weakest since World War II.
Since elections, Donald Trump has been seen an extremely polarizing figure. This is especially true in the case of his policies regarding refugees and healthcare. However, he looks to make a specific statement on the economy – the one boat the Americans don’t really have the choice of splitting.
It’s been a month. We’ll see what the rest of four years brings.