The article fact-checks the economic numbers of Donald Trump's presidency ahead of the Nov. 3 midterm elections. The latest CPI report shows inflation at 3.7% over the past 12 months, rising again after tariffs announced in April 2025 and the Iran war, while GDP growth has averaged a little over 2% and the U.S. is not in a recession. The 4.2% unemployment rate is low, but job gains have slowed to about 39,000 a month under Trump, compared with more than 121,000 a month in the year before he returned to the White House. The 10-year Treasury yield is above 5%, its highest since 2002, making borrowing costlier, while the S&P 500 is up about 12% this year. Citing Federal Reserve data, the article says the top 0.1% of households gained $5.5 trillion in wealth in 18 months, while the bottom 50% gained $380 billion, or about $5,600 per household on average.
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Related tickers and likely impact
DXY
• NeutralRelevance: low
| Market | Currencies |
|---|---|
| Close on 10/20/2026 | 101.70 |
| Change that session | -0.28% |
SPY
• NeutralSPDR S&P 500 ETF
Relevance: low
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/20/2026 | 769.05 |
| Change that session | +0.34% |
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AP's fact check finds the U.S. economy under Trump is neither as strong as he claims nor as weak as consumer sentiment surveys suggest. Inflation was 3.7% over the 12 months to the last CPI report before Election Day, after slowing until April 2025 and then rising again following new tariffs and the Iran war. GDP has grown a little over 2% a year and unemployment is 4.2%, but job gains average nearly 39,000 a month, versus more than 121,000 in the year before Trump returned. The 10-year Treasury yield is above 5%, its highest since 2002. The S&P 500 is up about 12% this year, while the top 0.1% of households gained $5.5 trillion in wealth in 18 months versus $380 billion for the bottom 50%.
- Fact check : When it comes to Trump economy , these numbers matter
- Fact check : When it comes to Trump economy , these numbers matter
Ahead of the November 3 midterm elections, an AP fact check reviews key economic figures: inflation was 3.7% over the past 12 months after slowing until April 2025 and then rising again amid tariffs and the Iran war. GDP has grown a bit more than 2% annually under Trump, short of the pace under Biden, though the U.S. is not in recession. The unemployment rate is 4.2%, but job growth averages almost 39,000 a month, down from more than 121,000 in the year before Trump returned to the White House. The 10-year Treasury yield is above 5%, its highest since 2002. While the S&P 500 is up about 12% this year, the wealth of the top 0.1% of households rose by $5.5 trillion in 18 months, compared with a $380 billion gain for the bottom 50%.
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