Econ rock & roll 3.0:
Bottom Line: It'd probably be hard for me to adequately explain how refreshing it is to talk about the real American economy once again. What's the real American economy? An economy that grows at 3% or greater - the historic average US economic growth rate. The rate this country hasn't known for a full year since 2005! It's no wonder that an increasing number of Americans might find ideas from a Bernie Sanders or Elisabeth Warren interesting. The economy that Millennials have known has never even be average. Through failed leadership followed by massive regulation increases and tax hikes the US economy has gone through an unprecedented period of poor economic growth. That's clearly ending.
The average historic US economic growth rate is 3.1%. It's been 12 full years since we had that type of economy sustained and now that we have six full months of sustained growth at 3% plus it's no surprise that:
Base unemployment rate is the lowest in 16 years
Real unemployment is the best in ten years
Wage growth is the best in ten years
Labor participation is the best in four years
Corporate profits are at all-time highs
The stock market is at all-time highs amid a record run since last November's election
It all adds up. What's more is that we've done this with simply the repealing of 2,000 Obama-era regulations, the knowledge that the current administration won't be an opponent of business growth and the hope for meaningful reforms on taxes and potentially healthcare. With tax reform now a better than not prospect there's lots of room for optimism, literally the most in over a decade, for the 4th quarter and as we enter 2018.