In response to new reports on Donald Trump’s failing economy, DNC Chair Ken Martin released the following statement:

“Donald Trump’s presidency continues to deliver one failure after another. Under Trump, American manufacturing is shrinking, the economy is contracting, and hardworking Americans are facing a slowing job market with fewer paychecks to go around. It’s no surprise Americans are rejecting Trump’s failed economic agenda in record numbers.”

NEW: Donald Trump’s failing economy caused U.S. manufacturing to shrink and prices to rise “sharply,” resulting in fewer jobs available for hardworking Americans. 

Bloomberg: “US factory activity contracted in March for the first time this year and prices accelerated sharply for a second month as the drumbeat of higher tariffs reverberated through the economy. 

“The Institute for Supply Management’s manufacturing index declined 1.3 points last month to 49, according to data released Tuesday. Readings below 50 indicate contraction and the figure was slightly weaker than the median production in a Bloomberg survey of economists. 

“The group’s price measure increased to the highest since June 2022. Over the past two months, the gauge has increased 14.5 points, the most over a comparable period in four years.

“The ISM index of factory orders slumped to the lowest level since May 2023. Along with a bigger contraction in order backlogs, the drop in bookings caused production to shrink for the first time this year. Factory employment contracted at the fastest pace since September.” 

Bloomberg: “Fewer US Job Openings, Layoffs Unchanged in Slowing Labor Market” 

“The number of available positions decreased to 7.57 million from a revised 7.76 million reading in January, the Bureau of Labor Statistics Job Openings and Labor Turnover Survey, known as JOLTS, showed Tuesday. … 

“[T]he uncertainty around President Donald Trump’s policies is putting business investment plans on hold, which also risks damping the job market and economic growth overall.

“[J]ob-cut announcements have been mounting in recent months, driven by reductions in the federal government. …

“Consumers have been more downbeat about their job prospects and financial situations in recent sentiment surveys, which has businesses including Walmart Inc. and American Airlines Group Inc. warning of weaker demand ahead. To the extent that translates into a marked pullback in spending, companies’ hiring plans could take a hit as well.” 

Economists are already warning of a “serious Trump recession” while a majority of Americans reject Trump’s handling of the economy and fear even higher prices. 

The Telegraph: “Economists are starting to worry about a serious Trump recession”

Newsweek: “Trump’s Approval Rating on the Economy Hits New Low, Polls Show”

Gallup: 59% of Americans disapprove of Trump’s handling of the economy.

Fox News: 58% of Americans disapprove of Trump’s handling of inflation, including 20% of Republicans and 69% of independents. 

Fox News: “Tarrifs are viewed mostly through a negative lens, with voters thinking they are more likely to harm the U.S. economy (53% harm vs. 28% help) and make products more expensive (69% more vs. 7% less).” 

REMINDER: During his first term, Trump created incentives for companies to ship jobs overseas, contributing to the worst jobs record in modern American history. 

Bloomberg: “The Offshoring of U.S. Jobs Increased on Trump’s Watch”

Bureau of Labor Statistics: When Trump left office, there were over 170,000 fewer manufacturing jobs than when he started.

CNN: “Trump told GM workers he could save their plant, but it’s gone for good” 

Fortune: “Trump to leave office with the worst jobs record since Herbert Hoover”

Washington Post: “President Trump took office at the crest of the longest economic expansion in U.S. history. He leaves presiding over the worst labor market in modern U.S. history, as an already-sputtering economic recovery has turned negative.”

Bloomberg: “Trump’s Jobs Record Fell Short of Promises Even Before the Virus”