Washington (AP) – President Donald Trump Unexpectedly summoned reporters to an oval office and he presented them with a chart showing the US economy as solid following last week’s employment report. Republican fire The head of Labor Statistics Bureau.
To talk about the economy, Trump was Stephen Moore, a senior visiting fellow in economics at the Heritage Foundation, a conservative think tank and co-author of the 2018 book. Trumpnomics. ”
Moore turned a series of charts with easels to boost Trump’s performance as president and reduce the former president’s economic performance. Joe Biden. Trump stood next to Moore and intervened via approval.
The moment in the Oval Office talked about the president’s hopes to reset the story of US Economy. The stock market is solid, but employment growth has slowed, and inflationary pressures have risen due to Trump Imposing a huge set of new tariffstaxes on imports.
Moore said he called Trump because he compiled data that showed he was correct to dismiss. Erika McEntarfer As the head of BLS. He said the report from the BLS overestimated 1.5 million jobs created over the past two years of Biden’s term.
“I think they did that on purpose,” Trump said. Revisions are standard elements of employment reporting and tend to grow during periods of economic disruption.
The economy rarely fits the president’s whim, and often presents subtle photos that are much more mixed and mixed than what can be easily sold to voters. For the first seven months of this year, employers added 597,000 jobs. This was about 44% down from profits in the same period in 2024.
July Jobs Report It was shown last month that only 73,000 jobs were added, with the May and June totals revised down below 258,000.
Biden faced a downward revision of occupational numbers, but the economy added 2 million jobs in 2024 and 2.6 million jobs in 2023.
The fundamental challenge in Biden’s economy was the shock of inflation as the annual consumer price index reached a four-year high in June 2022. That level of inflation felt like food, gasoline, housing and other essentials were emotions that would help Trump return to the White House in the 2024 election.
Due to his tariffs, there are signs that inflation heating will return under Trump. Thursday, Goldman Sachs The upcoming July inflation report estimated that consumer prices will rise 3% over the past 12 months, up from April’s 2.3% reads.
Trump has promised he can mess up the boom. And when the nonpartisan data showed something close to confusion, he found an advocate in Moore. Moore retracted his name after facing a pushback in the Senate.
Moore said that during the first five months of Trump’s second term, “the median average household income adjusted for inflation and average American families has already increased by $1,174.” Moore said his numbers are based on unreleased Census Bureau Data can be difficult to verify independently.
“That’s an incredible number,” Trump said. “If I had said this, no one would have believed it.”
