The Economic Train is continuing to plow along picking up passengers and speed as it continues to race around the country. After today, we will be closer to 24K in the Stock Market than 23K. Corporate profits are being reported and they are through the roof. Friday we will find out what the 3rd Quarter GDP is. At this point, the Atlanta Federal Reserve is predicting 2.7% for the 3rd Quarter. The final prediction will be released tomorrow.
Could we reach 3.0%, YES! However, anything greater than 2.5% given the three hurricanes that our country was bombarded with during the 3rd Quarter would be amazing.
Going forward, we will never have a Quarter less than 3%. Once NAFTA is dissolved and new bilateral agreements are negotiated with China, South Korea, Mexico, Canada etc., not only will 3% become the norm but we may actually see 4% as the new norm.
From the article linked above:
Nearly 1.5 million Americans dropped off the food stamp rolls since President Trump’s inauguration in January 2017, according to the latest U.S. Department of Agriculture (USDA) statistics on food stamp enrollment.
Supplemental Nutrition Assistance Program (SNAP) participation dropped to 41,203,721 as of July 2017, the most recent data available from the USDA, from 42,691,363 in January 2017 when Trump took office.
Here is the breakdown of how many people dropped off the food stamp rolls each month of 2017:
January to February – 408,956
February to March – 95,152
March to April – 521,295
April to May- 176,527
May to June – 178,648
June to July – 236,417
Enrollment continues to be at its lowest level in seven years, thanks to policies Trump implemented at the federal level and ongoing efforts from state legislatures to get people off welfare and back to work.
At the state level, food stamp enrollment is down in 42 out of 50 states, according to the USDA data showing the change in enrollment by state.