Trade talks with China remain a wild card that can stave off an economic slowdown in 2019, or, if things go south in trade negotiations, take the economy of both countries down with it.
As rosy as the economic data seems, there's still some pretty serious questions hanging over this economy.
Americans should remain skeptical of the rosy picture painted by the latest jobs report, because fundamental problems in the economy remain.
The current administration's economy has only outperformed the average performance of the previous administration (post recession) eight months out of the last twenty-one months, or roughly one-third of the time.
Despite numerous deregulation victories and his incessant bragging in 2016, Trump's economy has created more jobs than Obama's second term (post recession) economy only 7 out of the last 20 months.
At 157,000 net jobs created, the preliminary numbers in the July Jobs Report from the Bureau of Labor Statistics came in well below the 190,000 jobs expected by market watchers, and well below the average established during Obama's second term.
While the quarterly GDP growth rate hasn't been below 2.0% since the first quarter of 2017, it also hasn't been above 5.0% since the second quarter of 2014, and it's a long way from the 7.0% rate in the third quarter of 2003.
It seems to me that it's hard for Trump to be making America "great" again, if his economy is under-performing Obama's economy.
[D]espite the bump in the stock market from the positive preliminary jobs numbers, it's important to keep in mind the greater perspective.
There is no arguing that the drop on Friday was anything other than a rout, and it remains to be seen if the weekend will be long enough to cool the white hot fears of inflation that drove the market stampede in the first place.
By all objective measures, the economy generated fewer jobs in 2017 than the previous 3 years. This isn't political punditry, it's merely a statement of fact.
With the end of easy money, and the Federal Reserve looking to balance their books, there may be a tightening of capital in the very near future as that $4.5 trillion tab gets cleared.