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.
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- Fact check : When it comes to Trump economy , these numbers matter
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.
- 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%.
- 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.
- 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 midterm elections, President Donald Trump says the U.S. economy is rocketing upward, but voters say inflation remains a challenge amid higher gasoline prices from the Iran war and high borrowing costs. The latest CPI report showed annual inflation at 3.7%, after slowing until April 2025 and climbing again following new tariffs. GDP has grown a bit over 2% a year under Trump, and unemployment is 4.2%, but employers added about 39,000 jobs a month in his second term versus over 121,000 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 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%.
- Fact check: When it comes to Trump economy, these numbers matter
An AP fact check ahead of the November 3 midterm elections finds the U.S. economy is neither as strong as President Trump claims nor as weak as consumer surveys suggest. Inflation was 3.7% over the past 12 months in the last CPI report before Election Day, rising again after tariffs were announced in April 2025 and the Iran war pushed up gasoline prices. GDP has grown a little over 2% annually under Trump and unemployment is 4.2%, but job growth has averaged almost 39,000 a month this term versus more than 121,000 in the prior year. The 10-year Treasury yield is above 5%, its highest since 2002, while the S&P 500 is up about 12% this year. Federal Reserve data show the top 0.1% of households gained $5.5 trillion in wealth in 18 months, while the bottom half of households saw their net worth rise by $5,600 on average.
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