Economic Indicators Trump Cited To Show A Strong Economy Now In Decline
January 4, 2019
Trump repeatedly cited manufacturing activity, manufacturing confidence, consumer confidence, and the stock market to claim that the economy was the strongest in history. All of those indicators have suffered major recent declines.
THEN: Trump claimed the U.S. was in a “manufacturing renaissance.”
Trump: “We are in the midst of a manufacturing renaissance—something which nobody thought you’d hear—which means more jobs for our great electrical contractors.”
NOW: A key manufacturing index tumbuled by the largest amount in a decade.
Bloomberg: “A gauge of U.S. manufacturing plunged last month by the most since October 2008, a fresh sign of deceleration in the economy amid global strains across the sector. U.S. stocks extended declines and Treasury yields fell after the report. The Institute for Supply Management index dropped to a two-year low of 54.1, missing all estimates in Bloomberg’s survey, data showed Thursday.”
THEN: Trump repeatedly boasted about manufacturing confidence as a sign of a strong economy.
Trump: “Manufacturing confidence has reached an all-time high in the history of our country.”
Trump: “Manufacturing confidence is at an all-time high. Confidence, very important, all-time high. And we have the best economy in the history of our country, the best.”
NOW: Manufacturers’ confidence plunged to the lowest levels in two years.
CNBC: “Manufacturers’ confidence in business also slipped to the lowest level in nearly two years, Markit said, with optimism at its lowest level since October 2016.”
THEN: Trump has repeatedly boasted about consumer confidence as a sign of a strong economy.
Trump: “We have probably the greatest economy in the history of our country, and very importantly, just came out today, consumer confidence at the highest it’s ever been in our country.”
Trump: “And if you look at consumer confidence, we’re at the top of every list. We’re setting records in terms of that, too.”
NOW: Consumer confidence fell to its lowest levels in nearly six months.
CBS News: “U.S. consumer confidence tumbled in December as Americans began to worry that economic growth will moderate next year. But consumer spirits are still high by historic standards. The Conference Board, a business research group, said Thursday that its consumer confidence index fell to 128.1 in December, down from 136.4 in November and lowest since July.”
THEN: Trump claimed the economy was the best in history based on the stock market.
Trump: “We have the best economy in our history. Stock market today just hit another record high.”
Trump: “We have an economy that’s the hottest economy right now in the world. And I guess the stock market is up to — getting close to 50 percent, if you think about it.”
NOW: The stock market had its worst year in a decade in 2018.
CNBC: “The S&P 500 fell 6.2 percent in 2018 to notch its biggest one-year decline since the financial crisis.”