Trump defends the US economy with charts after job reports showed warning signs

The economy has seldom conformed to the whims of any president, often presenting pictures that are far more mixed and nuanced than what can easily be sold to voters. Through the first seven months of this year, employers have added 597,000 jobs, down roughly 44% from the gains during the same period in 2024

The July jobs report showed that just 73,000 jobs were added last month, while the May and June totals were revised downward by 258,000.

While Biden did face downward revisions on his job numbers, the economy added 2 million jobs in 2024 and 2.6 million in 2023.

The fundamental challenge in Biden’s economy was the jolt of inflation as the annual rate of the consumer price index hit a four-decade high in June 2022. That level of inflation left many households feeling as though groceries, gasoline, housing and other essentials were unaffordable, a sentiment that helped to return Trump to the White House in the 2024 election.

There are signs of inflation heating back up under Trump because of his tariffs. On Thursday, Goldman Sachs estimated that the upcoming inflation report for July will show that consumer prices rose 3% over the past 12 months, which would be up from a 2.3% reading in April.

Trump promised that he could galvanize a boom. And when nonpartisan data has indicated something closer to a muddle, he found an advocate in Moore, whom he nominated to serve as a Federal Reserve governor during his first term. Moore withdrew his name after facing pushback in the Senate

Moore said that through the first five months of Trump’s second term in office that “the average median household income adjusted for inflation and for the average family in America, is already up $1,174.” Moore said his numbers are based on unpublished Census Bureau data, which can make them difficult to independently verify.

“That’s an incredible number,” Trump said. “If I would have said this, nobody would have believed it.”

By Associated Press