"Donald Trump claimed victory on the economy after 12 months back in office on Tuesday, declaring it to be the greatest first year in history as many Americans express alarm over the cost of living. In a stream-of-consciousness speech at the Detroit Economic Club, the US president delivered his gold-tinted view of how the economy has fared on his watch. Prices were down, he claimed, despite official data showing otherwise, and productivity was smashing expectations."
"Inflation has come down slightly since the fall, but remains significantly above typical levels. While GDP growth unexpectedly surged last summer, it came amid a turbulent year for the US economy. Annualized inflation went down to a four-year low in April at 2.3% before crawling up to 3% by September. GDP contracted in the first quarter of 2025, for the first time since 2022."
Donald Trump presented an assertive, upbeat account of the US economy after 12 months back in office, calling it the greatest first year in history while many Americans worry about the cost of living. He emphasized stabilized price growth, stronger GDP at the end of 2025, and surprising productivity gains, while downplaying official indicators that show lingering inflation and volatility. Inflation dipped to 2.3% in April before rising to 3% by September. GDP unexpectedly surged last summer but then contracted in Q1 2025. The labor market weakened, with unemployment reaching a four-year high and a government labor official dismissed after stagnant jobs data. The White House is proposing policies to address affordability ahead of midterms.
Read at www.theguardian.com
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