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☆ 3 signs the US economy is set to zoom past growth expectations
▼ + stars: | 2023-07-26 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +7 min

On Thursday, new GDP data will show just how much the US economy grew between April and June. The US has also been experiencing a factory boom, with construction spending on US manufacturing nearly doubling from May 2022 to May 2023. Manufacturing employment recently hit its highest level since 2008, and since Biden took office, around 800,000 manufacturing jobs were added. In the first two quarters of this year, applications to start a business likely to hire employees grew 7% year-over-year. Sectors leading likely employer business applications include accommodation and food services, construction, health care and social assistance, and retail trade.

Persons: Morgan Stanley, Joe, Biden, Ellen Zentner, Julia Coronado Organizations: Infrastructure Investment, Jobs, Service, Federal Reserve Bank of Atlanta, Federal Reserve Bank of Philadelphia, Congressional, Investments, Economic, Sectors, National Association for Business Economics, Conference, CPI, Federal Locations: Wall, Silicon, —, Philadelphia, frastructure, Mississippi, North Carolina

☆ Morgan Stanley credits Bidenomics for 'much stronger' than expected GDP growth
▼ + stars: | 2023-07-21 | by ( Christina Wilkie | In | ) www.cnbc.com time to read: +3 min

As a result of these unexpected swells, Morgan Stanley now projects 1.9% GDP growth for the first half of this year. Morgan Stanley's revision came at a pivotal time for the Biden White House. "Together we are transforming the country, not just through jobs, not just through manufacturing, but also by rebuilding our infrastructure," Biden said Thursday during a visit to a Philadelphia shipyard. The White House has dubbed this brick-and-mortar economic growth formula "Bidenomics," a phrase originally used by Republicans to jab the president, who co-opted the term as a badge of honor. "This report confirms what we've long said: Our strong and resilient economy is Bidenomics in action," White House assistant press secretary Mike Kikukawa said in an email to CNBC.

Persons: Joe Biden, Jill Biden, WASHINGTON — Morgan Stanley, Joe Biden's, Ellen Zentner, Morgan Stanley, That's, Zentner, Morgan Stanley's, Biden, Kevin McCarthy, Mike Kikukawa Organizations: Marine, WASHINGTON, Biden's Infrastructure Investment, Jobs, Biden White House, Philadelphia shipyard, CNBC, America Economic Survey, Republicans, House Locations: Washington , DC, U.S, Philadelphia, America

☆ Biden's tough sell in Pennsylvania: green energy to union workers
▼ + stars: | 2023-07-20 | by ( Jarrett Renshaw | ) www.reuters.com time to read: +4 min

Biden is betting that union workers whose jobs are threatened by the energy transition will eventually find a place in the green economy, but that's a hard sell in union-friendly Philadelphia. About a dozen union workers in the Philadelphia region Reuters spoke to questioned whether the new industries can produce a similar number of jobs at the same high wage scale. Overall energy jobs in the U.S. grew 3.8% in 2022, to more than 8.1 million, led by fast growth in clean energy jobs, the Department of Energy said in June. Clean energy jobs, a wide category including wind and solar power, nuclear, and grid technologies and battery storage, made up 3.1 million of those. "I believe Biden when he says that green energy jobs will be union, the question is just how many jobs will there be," Eiding said.

Persons: Joe Biden, Biden, Nancy Minor, Ali Zaidi, Zaidi, Pat Eiding, Eiding, Seth Harris, Harris, Jarrett Renshaw, Heather Timmons, Robert Birsel Organizations: PHILADELPHIA, Philadelphia Shipyard, Reuters, EV, Department of Energy, Philadelphia AFL, CIO, White, House, Thomson Locations: Philadelphia, U.S, Acadia, Biden's, China

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