Trump Defends US Economy with Charts After Weak Jobs Report

WASHINGTON (AP) — President Donald Trump surprised reporters Thursday by calling them to the Oval Office to defend his handling of the economy. He used a series of charts and pointed to strong stock market performance, despite a weak July jobs report.

The event came days after Trump fired the head of the Bureau of Labor Statistics (BLS) following the report. He claimed the data overstated job creation during former President Joe Biden’s final years.

Moore Joins Trump to Challenge Data

Standing beside Trump was Stephen Moore, a senior fellow at the Heritage Foundation and co-author of Trumponomics. He flipped through easel charts comparing Trump’s and Biden’s economic records.

Moore said he called Trump to share data that, in his view, justified removing BLS chief Erika McEntarfer. He cited BLS revisions that lowered job creation estimates under Biden by 1.5 million.

“I think they did it purposely,” Trump said, though he provided no evidence. He suggested the figures had been manipulated, even though revisions are common in jobs data.

Tariffs, Inflation, and Job Growth Concerns

Trump’s economic defense comes as inflation edges higher. New tariffs on imports are raising prices on everyday goods. According to Goldman Sachs, July’s inflation report is expected to show a 3% increase in consumer prices over 12 months—up from 2.3% in April.

While Wall Street has remained stable, job growth is slowing. Only 73,000 jobs were added in July. May and June’s totals were revised down by 258,000 jobs combined.

So far in 2025, employers have added 597,000 jobs, a 44% drop compared to the same period in 2024.

Biden’s Record Still Strong in Retrospect

Though Trump has been critical of Biden’s economic leadership, the economy added:

  • 2.6 million jobs in 2023

  • 2 million jobs in 2024

Still, inflation under Biden hit a four-decade high in June 2022, which hurt household budgets. That frustration helped Trump regain the White House in 2024.

Income Claims Raise Questions

Moore also claimed that median household income, adjusted for inflation, rose by $1,174 during Trump’s second term so far. He based this on unpublished Census data, making it hard to verify.

“That’s an incredible number,” Trump said. “If I would have said this, nobody would have believed it.”

Trump continues to portray himself as a builder of economic strength. But analysts warn that his tariffs could fuel further inflation and that job growth may remain sluggish.

SOURCE: The Economic Times