An AP fact check examines President Donald Trump's economic claims ahead of the midterm elections: inflation is at 3.7% annually and has risen since tariffs were announced and the Iran war pushed up gasoline prices. GDP has grown a bit over 2% a year and the U.S. is not in recession, but employers add only about 39,000 jobs a month under Trump's second term, versus over 121,000 a month in the year before he returned to office. The 10-year Treasury yield is above 5%, its highest since 2002, making borrowing more expensive. Stocks keep hitting records, with the S&P 500 up about 12% this year, but the top 0.1% of households gained $5.5 trillion in wealth over 18 months while the bottom 50% gained $380 billion.
Summary written by Upside AI from the original article. Read the source for full details.
Read the original on thetimes-tribune.com ↗
Keywords
Donald TrumpinflationemploymentbondsS&P 500
Open a keyword to see other news on the same topic.
Related news
- Fact check : When it comes to Trump economy , these numbers matter
The AP fact check finds that although President Trump says the economy is booming ahead of the midterm elections, voters remain concerned about inflation, gasoline prices tied to the Iran war, and high borrowing costs. CPI inflation stood at 3.7% over the past 12 months, after slowing until April 2025 and then climbing again following new tariffs. GDP has grown a little over 2% annually and unemployment is 4.2%, but job gains average almost 39,000 per month, versus 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. Wealth of the top 0.1% of households rose $5.5 trillion in 18 months, while the bottom 50% gained only $380 billion.
- Fact check : When it comes to Trump economy , these numbers matter
Ahead of the Nov. 3 midterm elections, President Donald Trump has argued the U.S. economy is surging, but voters point to inflation, with the Iran war pushing up gasoline prices, grocery bills staying high and interest rates making homes and cars harder to afford. The latest CPI report before Election Day showed inflation at 3.7% over the past 12 months; CPI had been rising at about 3% in January 2025, slowed until April 2025, then climbed again after sweeping tariffs and the Iran war added pressure. Unemployment is 4.2%, but employers have added an average of almost 39,000 jobs a month in Trump's second term, versus 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, while the S&P 500 is up about 12% this year. According to Federal Reserve data, the wealth of the top 0.1% of households has risen by $5.5 trillion in 18 months, compared with a $380 billion gain for the bottom 50%.
- The Fed Is Fighting Inflation Again. History Says Trouble, but This Time Might Be Different.
The Fed raised interest rates in September for the first time since 2023, and the market is pricing in several more hikes in 2027. The labor market added just 29,000 jobs last month, while headline inflation rose 0.6% month over month to an annualized 3.7%, making near-term easing unlikely. The article compares three periods of restrictive policy and slowing growth: 2000–2001, 2006, and 2022–2023. The tech bubble and the financial crisis that followed 2006 ended in significant bear markets, while in 2022–2023 inflation fell without a lasting recession. The author says a significant correction is a real possibility, but expected Q3 earnings growth above 20% year over year and the S&P 500's roughly 21 times forward earnings make the picture more balanced.
- Fact check : When it comes to Trump economy , these numbers matter
President Donald Trump is trying to persuade voters before the midterm elections on Nov. 3 that the U.S. economy is soaring, but many voters say inflation remains a problem because the Iran war has pushed up gasoline prices, groceries are still expensive, and high interest rates make it harder to buy a home or car. Inflation was 3.7% over the past 12 months, after it slowed until April 2025 and then climbed again following sweeping tariffs and the Iran war. GDP has grown a bit over 2% a year and unemployment is 4.2%, but job growth has slowed to about 39,000 jobs a month in Trump's second term, 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, while the S&P 500 is up about 12% this year. The top 0.1% of households gained $5.5 trillion in wealth in 18 months, while the bottom 50% gained $380 billion.
- 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 Nov. 3 midterms, President Trump says the U.S. economy is surging, but voters cite inflation, higher gasoline prices from the Iran war, and high interest rates as burdens. The latest CPI report showed inflation at 3.7% over the past 12 months, up from about 3% in January 2025, with prices climbing again after tariffs announced in April 2025. GDP growth has averaged a little over 2% and unemployment is 4.2%, but job gains have averaged about 39,000 a month in Trump's second term, versus over 121,000 in the year before he returned. The 10-year Treasury yield is above 5%, its highest since 2002, while the S&P 500 is up about 12% this year. Per Federal Reserve data, the top 0.1% of households gained $5.5 trillion in wealth in 18 months, while the bottom 50% gained $380 billion.
Related markets
Latest news
- Why Super Micro Computer Stock Popped Today
Super Micro Computer (SMCI) shares rose 9.19% on Wednesday after the server maker announced preliminary results. It expects fiscal 2027 first-quarter revenue of $18.5 billion to $19.5 billion, well above its prior guidance of $14.5 billion to $15.5 billion and Wall Street's roughly $15 billion estimate, driven by rising AI demand. Gross margin is projected at 12% to 12.5%, up from 10.4% to 10.8%, due to a more favorable customer and product mix, and fellow server makers Dell and Hewlett Packard Enterprise also rose. The earnings call is scheduled for Nov. 3 at 5:00 p.m. ET.
- BlackRock's Rick Rieder sees 'historic' opportunity in high-quality bonds
BlackRock's Rick Rieder told CNBC that investors have a 'historic' chance to earn attractive yields in high-quality credit despite bond market volatility. He said a diversified portfolio could now yield over 7% with under three years of duration and an average credit quality of A-, a level that usually appears only during economic or default problems, which he does not see now. Rieder favors investment-grade corporates, including hyperscalers like Alphabet, Amazon, Meta and Oracle, which have low leverage and strong cash flows, though they have issued about $228.4 billion in bonds this year. He advises patience since rates could still rise, and caution outside investment grade, especially AI data center debt not backed by hyperscalers. He expects the Fed to hike in December, though he disagrees, and flags rising government debt, with the US fiscal 2026 deficit at $2 trillion.
- Almadex Expands Claim Block at New Hope, Provides Exploration Update
Almadex Minerals expanded its claim block at the New Hope copper-gold porphyry project in Arizona, covering a broad area of high chargeability east of its two-hole drilling campaign. Mapping and geophysics suggest the drilled holes sit on the western edge of a 2.5 km x 0.75 km zone of phyllic and remnant lithocap alteration, and IP work extended the anomaly 1.95 km east. The second hole returned 6.00 metres at 0.15% copper and 156 ppm molybdenum, including 2.00 metres at 0.34% copper. The company is designing a potential phase II drilling program. At the King target in Colorado, one hole reached 980 metres, and samples are awaiting assay.
- Mustang Completes IP Geophysical Surveys and Announces Q4 Drilling Plans for the Confusion Hills Project, Nevada, USA
Mustang Minerals has completed IP geophysical surveys at its Confusion Hills and Pilot projects in Nevada, helping better define drill targets. Pilot still needs further work before drilling, while the company has enough information to plan a single-hole exploratory diamond drilling program at Confusion Hills, where preparatory work has begun. Confusion Hills covers a 1.6 km x 0.5 km high sulphidation lithocap, where grab samples reached up to 7.1 g/t gold, and 6 samples returned over 0.1 g/t gold, averaging 1.6 g/t. Mustang will update when drilling begins. The Pilot copper-gold prospect has an approved drill permit, and the company also holds the Red Ring project.
- Warren Buffett's Latest Warning Is Sending Shockwaves Through Wall Street. Here's What History Says Could Happen Next.
Warren Buffett's Berkshire Hathaway portfolio has returned an average compound annual 19.7% over six decades, versus 10.5% for the S&P 500, and he has recently warned about a 'gambling mood' in the stock market and high equity prices. The S&P 500's CAPE ratio stands at 40.7, far above its average of 17.4 and exceeded only during the dot-com bubble, when it peaked at 44 in late 1999. In his final meeting as Berkshire CEO in May 2025, Buffett warned that the US fiscal deficit was unsustainable; the article argues the situation has since worsened, with Brent crude up 80% since the start of the year and September inflation at 3.7%, well above the Fed's 2% target. Higher inflation erodes the value of cash and keeps interest rates high, which could be particularly harmful for the AI industry. The article recalls Buffett's 2021 advice to 'never bet against America' and suggests that time in the market usually beats trying to time it.
- AST SpaceMobile Hit a 52-Week Low Days After SpaceX Spent $8 Billion on Spectrum. That's Not a Coincidence.
AST SpaceMobile hit a 52-week low of $39.02 on Oct. 20, 12 days after SpaceX agreed to buy Grain Management's nationwide 800 MHz low-band spectrum for $8 billion. The article says the deal could let Starlink, combined with over 10,000 active satellites, become a standalone wireless carrier, threatening AT&T and Verizon's plans with AST. However, the author argues the sell-off is an overreaction, since carriers may need to invest more in AST's satellites to compete, and SpaceX's move may push more carriers toward AST. AST has launched 13 BlueBird satellites and needs at least 45 for stable service, and the decline is attributed mainly to a valuation of 74 times this year's sales. Analysts expect revenue to rise from $168 million in 2026 to $1.73 billion in 2028.
Get the briefing on Telegram or Zalo
Join the Upside Telegram channel or Zalo group for the Vietnam stocks and gold briefing at 8:00 and 19:00 (Vietnam time) on trading days, plus a weekly wrap on Saturday morning.