Trump in White House speech says US economy is strengthening, despite weaker hiring and inflation

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WASHINGTON (AP) — President Donald Trump tried in a live speech Wednesday night from the White House to convince the American people that they are wrong to worry about the U.S. economy, saying any challenges are being repaired.

“Eleven months ago, I inherited a mess, and I’m fixing it,” Trump said.

His remarks are came at a crucial time as he tries to rebuild his steadily eroding popularity. Public polling shows most U.S. adults are frustrated with his handling of the economy as inflation picked up after his tariffs raised prices and hiring slowed.

Flanked by two Christmas trees with a portrait of George Washington behind him in the White House’s Diplomatic Reception Room, Trump sought to pin any worries about high inflation on his predecessor, Joe Biden.

In 2026, Trump and his party face a referendum on their leadership as the nation heads into the midterm elections that will decide control of the House and the Senate.

The White House remarks were a chance for Trump to try to regain some momentum after Republican losses in this year’s elections raised questions about the durability of his coalition.

Trump brought charts with him to make the case that the economy is on an upward trajectory.

But the hard math internalized by the public paints a more complicated picture of an economy that has some stability but few reasons to inspire much public confidence.

The stock market is up, gasoline prices are down and tech companies are placing large bets on the development of artificial intelligence.

But inflation that had been descending after spiking to a four-decade high in 2022 under Biden has reaccelerated after Trump announced his tariffs in April.

The consumer price index is increasing at an annual rate of 3%, up from 2.3% in April.

The affordability squeeze is also coming from a softening job market. Monthly job gains have averaged a paltry 17,000 since April’s “Liberation Day” in which Trump announced import taxes that he later suspended and then readjusted several months later.

The unemployment rate has climbed from 4% in January to 4.6%.

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