October 10, 2018 / 9:44 PM / a year ago

White House says U.S. economy strong despite stock selloff

FILE PHOTO: A sign advertises open jobs at an Embassy Suites hotel in Waltham, Massachusetts, U.S., December 13, 2017. REUTERS/Brian Snyder

WASHINGTON (Reuters) - U.S. economic fundamentals remain strong and the future of the American economy is bright, the White House said on Wednesday after the Dow Jones Industrial Average suffered its biggest decline since February.

“Unemployment is at a fifty year low, taxes for families and businesses have been cut, regulations and red tape have been slashed,” White House spokeswoman Sarah Sanders said in a statement.

Reporting by Steve Holland; Writing by David Alexander

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