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.
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- 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.
- 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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- 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.
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