Published: Thu, September 13, 2018
Markets | By Jeffery Armstrong

Trump made false claim about economy, GDP, unemployment rate: White House

Trump made false claim about economy, GDP, unemployment rate: White House

It was actually the first time in 10 years that GDP was above the unemployment rate, a fact corrected at a White House briefing on Monday by Kevin Hassett, chairman of the White House Council of Economic Advisers (CEA).

"The GDP Rate (4.2%) is higher than the Unemployment Rate (3.9%) for the first time in over 100 years!"

President Trump has attributed a false quote to Barack Obama in a tweet about the US economy.

"Since 1948, there have been 63 quarters with a GDP growth rate higher than avg quarterly unemployment rate", Fox News Research wrote in a tweet, listing the most recent quarters with GDP growth higher than the unemployment rate as Q2 2018 and Q1 2006.

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"The notion that what we're seeing right now is just a continuation of trends is not super defensible", he said.

"I have to kind of remind them, actually", he said in an address in IL, "those job numbers are the same as they were in 2015 and 2016".

Former President Barack Obama recently has re-emerged as a strident political force for his party, criticizing President Trump for deeming the news media "an enemy of the people", among other things.

The economy was, however, struggling when Obama took office in 2009.

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The biggest positive gap between the quarterly gross domestic product growth rate and unemployment occurred in September 1950.

Last month, a Quinnipiac University poll showed the public may be starting to give Mr Trump an increasing degree of credit for the rosy state of affairs: 52% credited Trump, while only 37% credited Mr Obama.

The president seemed to be imprecisely referencing remarks made by Obama at a town hall event in 2016, in which he questioned promises from Trump regarding manufacturing jobs, not economic growth.

That's not the case for the S&P 500 Index, which has increased more than 30 percent since Trump was elected on November 8, 2016.

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