President Trump’s Economy Keeps Defying Expectations

ECONOMY REMAINS STRONG WITH BIG JOB GAINS

• The economy added 115,000 jobs in April.
• This blew away the expected 55,000 jobs that economists had predicted.
• Construction, retail, and leisure and hospitality sectors all saw gains in employment.
• The economy has added 717,000 private sector jobs since President Trump took office.
• Federal government employment is down by 361,000.
• Since President Trump took office, 559,000 native-born Americans have gained employment.
• 190,000 native-born Americans have also joined the labor force.
• The unemployment rate remained low at 4.3%.
• The unemployment rate fell from the prior month for women, Asians, and veterans.
• Jobless claims remain at historically low levels.
• Earlier this week the S&P 500 and the Nasdaq hit record highs.

WAGES AND PAYCHECKS ARE INCREASING UNDER PRESIDENT TRUMP

• Average hourly earnings rose by 0.2% from last month.
• Average hourly earnings are up 3.6% from one year ago.
• Thanks to President Trump’s historic tax cuts, the average tax refund was up almost 11% from one year ago.
• Due to the provisions of no tax on tips, overtime, and Social Security, the average tax refund was over $3,400 this year.
• Americans earning $15,000-$80,000 per year are receiving an average tax cut of 15%.
• Average tax refunds are up 24% compared to the four-year average of refunds under Joe Biden.
• In just one year under President Trump, blue-collar workers have made up all the wages they lost under Biden.
• Real earnings for private-sector workers outpaced inflation by nearly $1,400 during President Trump’s first year in office.

PRESIDENT TRUMP IS LOWERING PRICES FOR HOUSEHOLD GOODS

• President Trump is bringing down prices after record-high inflation under Joe Biden.
• Core Inflation is sitting at just 2.6%, in line with expectations.

• Many common household staples have all seen prices fall since President Trump took office including flour, spaghetti and macaroni, white bread, bacon, pork chops, chicken, American cheese, ice cream, oranges, lemons, strawberries, and potatoes.

AMERICANS ARE PAYING LESS FOR PRESCRIPTION DRUGS

• Thanks to President Trump, prescription drug prices have fallen 0.2% over the last year.
• Last year, President Trump signed an executive order establishing Most-Favored-Nation drug pricing, which forces drug companies to lower prices so Americans can pay a fair price for their prescriptions.
• President Trump sent a letter to the leading pharmaceutical manufacturers outlining how they must bring down the cost of prescription drugs to match the lowest price of other nations.
• Americans will now pay the lowest cost for prescription drugs that other nations have been paying.
• Since then, the president has been able to secure deals with 17 major pharmaceutical companies including AstraZeneca, Eli Lilly, EMD Serono, Novo Nordisk, Pfizer, and Regeneron.
• Due to these unprecedented efforts, TrumpRx was launched, a direct-to-consumer government website will allow Americans to purchase dozens of popular prescription drugs at a discounted price negotiated by the government.  
• Americans can print coupons or download them to their phones which can be used at pharmacies for reduced drug costs.
• Medication costs for arthritis, obesity, infertility, and other chronic conditions will all be lowered.
• These deals with major pharmaceutical companies could save the economy $529 billion over the next ten years.

BUYING AND RENTING A HOME IS BECOMING MORE AFFORDABLE

• The average 30-year mortgage rate is lower since President Trump took office.
• Average rent prices are also down 1.7% compared to one year ago.
• Home prices have declined on an annual basis in more than half the country.
• Income growth is now outpacing rent growth nationwide, allowing renters to save an extra $193 each month.

INVESTING IN AMERICA

• President Trump has secured trillions of dollars’ worth of investments, creating good paying jobs within the United States.
• In April alone:
• Anheuser-Busch announced a $600 million investment plan to build manufacturing facilities over the next two years in the United States.
• US Steel company Gary Works announced they will reopen their plant in Indiana creating 225 jobs.
• Drone manufacturer Skydio announced that it plans to invest $3.5 billion in the United States over the next five years.
• AbbVie announced a $1.4 billion dollar investment to build a pharmaceutical manufacturing campus in Durham, North Carolina.
• Orders for business equipment recently increased to levels not seen since 2020.
• Shipments of machinery and equipment doubled expectations, signaling the expansion of multiple industries.
• For a third month in a row, the manufacturing sector grew.
• Americans are feeling the effects as consumer confidence once again rose in April.

DEREGULATION IS SAVING MONEY FOR THE AMERICAN TAXPAYER

• President Trump is slashing red tape and unnecessary regulations which will help Americans save money.
• This past December, President Trump changed the Biden-era Corporate Average Fuel Economy (CAFE) standards which led to higher costs for vehicles.
• This move will save American families $109 billion over the next five years.
• President Trump also eliminated the Obama-era “Endangerment Finding” which allowed unelected bureaucrats to impose trillions of dollars of hidden costs on American families.
• This deregulation action will save American taxpayers over $1.3 trillion.
• Deregulation efforts from 2025 are projected to save Americans roughly $212 billion – about $600 per American.

REPUBLICAN STATES ARE LEADING THE CHARGE

• 15 of the top 20 states with the lowest unemployment rates are led by Republican governors.
• Meanwhile 9 of the 11 states with the highest unemployment rates are led by Democrat governors.