#GDP

#GDP

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Claim: There's not much manufacturing. If you look at the UK, about 25 years ago no, about 1995 I think it was about 25% of our GDP was manufacturing, and Germany was about the same, 25%. So we're going back what, 30 years? Today Germany's still up there, 20-21% of its GDP is manufacturing, in the UK it's down at about 8%. So manufacturing's collapsed in the UK.

It makes for a weaker starting point, as companies see new opportunities around the corner to use AI to automate their work. It's not a new trend: These sectors showed weak job creation or outright job losses for the last couple of years of the Biden administration. But it is striking that a GDP surge fueled by data center and AI investment hasn't been enough to generate more robust hiring.

Reality check: At the end of July Lutnick posted to X that "the Trump Economy has officially arrived," citing a strong GDP report. Since then, a combination of weak jobs data and hot inflation reports has painted a very different picture of an economy struggling to grow. Just Thursday, the Consumer Price Index showed inflation rising for a fourth consecutive month, while initial jobless claims were the highest in years.

The Economist's formula ranks countries based on various measures of wealth, concluding that there isn't a single richest nation, but several contenders including Switzerland, Singapore, and Norway.

California's recent rise to the world's fourth-largest economy magnifies a paradox where prestigious GDP figures contrast starkly with the economic struggles of average residents.