Tags: Trump Administration | kudlow | economic | growth | gdp

Kudlow: 'Hottest Economy in World' to Grow 3 Percent

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By    |   Friday, 01 February 2019 11:45 AM

White House economic adviser Larry Kudlow on Friday said he expects forecasts of three percent U.S. economic growth this year to hold because America enjoys the "hottest economy in the world."

The veteran financial guru and former Ronald Reagan adviser also said that he did not see rising U.S. employment as increasing inflation, speaking in an interview on Fox Business Network after government data earlier on Friday showed U.S. job growth surging in January.

“The economy is very healthy. The president was tweeting out this morning, I think correctly. The USA is hottest economy in the world," he told Fox's Stuart Varney.

“The tax cuts are working. The deregulation is working. The trade reforms are working. We're hitting on all cylinders," said Kudlow, who worked as Reagan’s budget deputy between 1981 and 1985.

“I think our three percent growth rate is intact I think we're going to surprise a lot of people," he said, urging his friends who are pessimistic to not bet against the American economy.

The Labor Department’s closely watched monthly employment report on Friday showed no “discernible” impact on job growth from a 35-day partial government shutdown. But the longest shutdown in history, which ended a week ago, pushed up the unemployment rate to a seven-month high of 4.0 percent, Reuters reported.

With key data from the Commerce Department, including the fourth-quarter gross domestic product report, still delayed because of the government shutdown, the employment report is the clearest evidence yet that the economy remains on solid ground.

Clouds have been gathering over the economic expansion, now in its ninth year and the second longest on record, with business and consumer confidence deteriorating in recent months. Confidence has been eroded by the fight over the government budget and Washington’s trade war with Beijing.

Other headwinds to the economy include the fading boost from a $1.5 trillion tax cut, slowing growth in China and Europe, as well as the risk of a disorderly departure by Britain from the European Union.

For his part, President Donald Trump also touted the strength of the stock market, and by association, the overall economy.

"Best January for the DOW in over 30 years. We have, by far, the strongest economy in the world!" Trump tweeted.

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White House economic adviser Larry Kudlow on Friday said he expects forecasts of three percent U.S. economic growth this year to hold because America enjoys the "hottest economy in the world."
kudlow, economic, growth, gdp
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2019-45-01
Friday, 01 February 2019 11:45 AM
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