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Yelp: States That Backed Trump Grow Faster Than Hillary Supporters

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By    |   Friday, 24 January 2020 05:30 PM

States that backed Republican President Donald Trump in 2016 enjoyed faster growth last year than states that supported Demcrat Hillary Clinton, a Yelp index shows.

Five of the seven fastest-growing states in the U.S. during 2019 went red in the last presidential contest, according to a trend tracked by Yelp and cited by CNBC.

An index that the online review site uses to track growth showed that the gap that Republican-leaning presidential states enjoy over Democratic states widened to 2.8 points from 1.3 points in 2018.

“Of the seven best-growing states — North Dakota, South Dakota, Wyoming, Louisiana, Alaska, Hawaii and Maine — only the latter two voted for Hillary Clinton in 2016," CNBC reported.

"Moreover, the seven slowest-growing states and districts by Yelp’s measure — Oregon, California, Illinois, Massachusetts, New Jersey, Connecticut, and Delaware — all voted Democrat,” CNBC explained.

Yelp doesntt measure gross domestic product but uses information it gathers to gauge the strength of local economies through business survival and consumer interest.

Yelp said it considers its measure to provide “a timely and accurate measure of a huge swath of the economy that is often missed by many major indicators.”

Yelp said found that for all of 2019, growth dipped 1.3% from the previous year.

“The slowdown in overall economic growth in 2019 reflected business profits declining, which contributed to a fall in business investments. Uncertainty around trade policy also hindered local economic growth in 2019,” Carl Bialik, Yelp’s data science editor, said in a statement.

Meanwhile, Bialik said the wider the margin by which Trump won, the more economic growth that state tended to see. “The pattern was clear and surprising,” Bialik said.

Meanwhile, White House top economic adviser Larry Kudlow predicts that economic growth will surpass at least 3% this year.

“I’m looking for faster growth: I think we’re going to get 3% this year,” Kudlow told CNBC. “The trade deals will help, the Fed changed policy — that was very, very important,” the veteran financial guru and former Ronald Reagan adviser said.

Meanwhile, economists surveyed by Bloomberg News this month forecast growth this year of 1.8%, down from an estimated 2.3% in 2019. They put the chances of a recession happening over the next 12 months at 30%.

The Atlanta Fed is forecasting GDP increasing at a 1.8% annualized rate in the fourth quarter. The economy grew at a 2.1% pace in the third quarter. The New York Fed Staff Nowcast stands at 1.2% for the fourth quarter and 1.7% for 2020's first quarter.

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States that backed President Donald Trump in 2016 enjoyed faster growth last year than states that supported Hillary Clinton, a Yelp index shows.
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Friday, 24 January 2020 05:30 PM
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