Data Shows U.S. Economy Is Back on Track Under President Trump

Even the media admits the U.S. economy is "regaining its swagger" under President Donald J. Trump - and you need not look further than the banner economic news from the past week for proof.

• Core inflation beat market expectations for the fifth straight month - every full month since President Trump took office.
  • Since President Trump took office, core inflation has tracked at just 2.1% - levels not seen since the first Trump Administration, when prices were low and stable - and right in line with the Fed's inflation target.
• Wholesale prices came in completely flat, below market expectations and underscoring the tremendous progress made on taming the Biden-era inflation crisis.
• Industrial production bested market expectations with a higher-than-expected climb, showing that inflation is falling as domestic production surges.
  • Manufacturing output has surged by 1.8% in the first five months of President Trump's second term, compared to a -0.7% decline in the final five months preceding President Trump's inauguration.
• Customs and tariff revenues have totaled $120 billion since President Trump took office - topping $100 billion in a fiscal year for the first time ever - including $7 billion in the last week alone, fueling the first June budget surplus in nearly a decade.
• Advance retail sales smashed expectations in June, showing that consumers are confident and spending thanks to low inflation and strong wage gains.
• Consumer sentiment shot up in July, beating market expectations yet again as inflation expectations for the next year dropped sharply.
• Initial claims for unemployment benefits fell for the fifth straight week, confirming the strong jobs report.
• Housing starts and permits for new builds both increased in June above market expectations.