News about economic policy

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%.

Ahead of the Nov. 3 midterm elections, President Donald Trump is trying to convince voters that the U.S. economy is surging, but many voters still see inflation as a problem because of higher gasoline prices tied to the Iran war, costly groceries and high interest rates. The consumer price index rose 3.7% over the past 12 months, after inflation had slowed until April 2025 and then climbed again following the tariffs Trump announced. GDP has grown a little over 2% annually under Trump and the U.S. is not in a recession, and unemployment is 4.2%, but job gains average almost 39,000 a month in his 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. Over 18 months, the wealth of the top 0.1% of households rose $5.5 trillion, while the bottom 50% gained $380 billion.