2Q US GDP rises 2.1%

The U.S. Department of Commerce’s Bureau of Economic Analysis (BEA) released the second quarter gross domestic product numbers, finding that the real GDP increased at an annual rate of 2.1 percent in the second quarter. “The Trump economy is growing strong and, on the heels of 3.1 percent growth in the first quarter, is poised to continue expanding,” said Secretary of Commerce Wilbur Ross. The Trump Administration’s policies have delivered repeated positives for American workers. In July, the current economic expansion became the largest in U.S. history. In the 2Q, consumer spending surged at a 4.3 percent annual rate, and spending on goods rose at the fastest rate since the 1Q of 2006. The economy beat expectations in June by adding 224,000 jobs, the last month of the 2Q, and averaging 129,000 jobs added per month over the past year. Since the President’s election, the country has added nearly 5 million jobs, while the manufacturing industry alone has added more than 500,000. The tight labor market benefitted American workers in another way in June as nominal average hourly earnings rose by 3.1 percent over the previous 12 months, meeting or surpassing 3.0 percent growth for the 11th month in a row. Before 2018, nominal average hourly wage gains had not reached 3.0 percent since 2009. (Source: Department of Commerce media release 07/26/19) In Louisiana, the New Orleans metro area added 12,900 jobs, a nearly 4 percent increase and a total of 588,300 over the past year. It’s the biggest percentage gain and largest number of new jobs for any metro area in the state. NOLA was among three of Louisiana's nine metro areas that added non-farm jobs over the year, according to preliminary U.S. Bureau of Labor and Statistics data that is not seasonally adjusted. The state gained 3,700 jobs, a .02 percent increase, since June 2018 for a total of 1.9M jobs. The Crescent City metro area’s leisure and hospitality was the leading sector which 6,200 jobs. The metro’s unemployment rate was 5 percent, down from 5.8 percent in June 2018. The Acadiana region added 2,400 jobs over the year, an increase of less than 1 percent to 205,900 jobs. Unemployment in Lafayette was 5.2 percent, down from 6.1 percent last June. The Baton Rouge capital region area lost 500 jobs over the last 12 months for 411,000. Hammond showed no change, and had 84,300 jobs. Lake Charles added 300 jobs (to 118,800); Houma-Thibodaux lost 2,700 jobs to 84,300; Shreveport-Bossier City lost 2,100 jobs to 179,800; Monroe lost 100 jobs down to 78,300 and Alexandria lost 100 jobs to 61,700. (Source: NOLA.com 07/26/19)