However, despite all the criticism, since the accession of Donald Trump to the presidency, the US economy has shown significant growth (2.72% versus 1.6% under the presidency of Barack Obama), while small and medium-sized business confidence has demonstrated a marked improvement, and consumer activity has increased. In our photo essay, you can find out about the main areas of the economy that have experienced favourable changes under the presidency of Donald Trump.
Labor market
According to the United States Department of Labor, the average hourly wage rose by 5% from $25.88 to $27.24. Moreover, the total labour force employed by the non-agricultural sector increased by 4.4 million. The rate of wage and employment figures are clear examples of the positive impact of the economic reforms of the new American president.
Under Barack Obama, the unemployment rate was considered to be the main positive factor in the development of the labor market; However, as the practice shows, this indicator is easily manipulated and it rarely reflects reality.
Surveys
During Trump's work, various surveys among consumers, entrepreneurs of small and medium-sized businesses in various fields of activity began to show better results. However, social surveys do not always correctly reflect reality, and, given the world’s dissatisfaction with Trump’s foreign policy and the country's engagement in trade wars, public sentiments may soon deteriorate.
Public finance
As for public finances, it is not a totally black-and-white situation, as official figures show. On the one hand, the US Federal Reserve is successfully implementing the interest-rate normalization policy and reducing the volume of assets on its balance sheet. Moreover, the results from the tax reform that reduced the corporate tax rate from 35% to 21%, are also impressive.
On the other hand, under the rule of D. Trump, the country's budget deficit has increased sharply from 2.9% to 12.5% and continues to expand. The deficit is expected to hit $1 trillion soon.
US stock markets
While Trump holds the presidency, the country's stock markets show stable positive dynamics. The high-tech Nasdaq Index has grown by almost 50% over this period, while the S &P 500 Broad Market Index has increased by 32%. However, an increasing number of economists see that a sharp drop in American markets in the near future as inevitable.
Fed interest rates
The country's Federal Reserve has been adhering to the policy of interest rate increase for a long period of time. This leads to an increase in treasury yield, which is a heavy burden on the country's budget. Moreover, with increased rate, credits and loans of companies become more expensive and less affordable. This eventually may cause major problems for the US economy.
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