Even with trade war issues still on the table, the economy is still strong.
In fact, according to Larry Kudlow, director of the National Economic Council, the U.S. economy will continue to grow at a strong pace through the year.
“The U.S. economy is very strong,” Kudlow told CNBC. “I think we’re in very good shape and I think we’ll maintain a 3% growth pace this year. That 3% number is not contingent on a China deal that might not be satisfactory for American economic interests. What has changed is lower tax rates, massive deregulation, opening up the energy sector and various trade reforms.”
Kudlow also shrugged off a weaker than expected jobs number from last week.
You may remember the U.S. economy added just 75,000 jobs in May 2019, which was far below expectations for a gain of 180,000.
“I wouldn’t put much stock in one month’s jobs number,” he said. There’s lots of other evidence” of a strong economy, including an upbeat NFIB small business survey and a record number of hires for the month of April 2019.
In fact, for April 2019, hires increased to 5.9 million, a month-over-month gain of 240,000. That’s the most recorded in history dating back to December 2000.