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

“Despite his promise of a new ‘golden age,’ Donald Trump has delivered one colossal failure after another. Instead of creating jobs and lowering costs for working families like he promised, Trump has shrunk manufacturing, raised prices, and cost hardworking Americans their paycheck in a tanking job market. Trump has totally lost the confidence of the American people in just 100 days, and if he had any other job, he’d be fired by now.” 

NEW REPORT: For the second straight month, Trump’s chaotic economic agenda raised prices and caused US manufacturing to decline, while costing hardworking Americans their jobs as the job market shrinks. 

Institute For Supply Management: “Economic activity in the manufacturing sector contracted in April for the second month in a row … 

“The New Orders Index contracted for the third month in a row … 

“Demand and production retreated and destaffing continued, as panelists’ companies responded to an unknown economic environment. Prices growth accelerated slightly due to tariffs, causing new order placement backlogs, supplier delivery slowdowns and manufacturing inventory growth. Forty-one percent of manufacturing gross domestic product (GDP) contracted in April …

“What respondents are saying … 

“‘Tariff whiplash is causing us major issues with customers.’ …

“‘There is a lot of concern about the inflationary impacts from tariffs in our industry. Domestic producers are charging more for everything because they can.’” 

S&P Global: “Confidence in the outlook fell to its lowest since last June, while job losses were recorded for the first time in six months.

“On the price front, tariffs reportedly led to steep increases in both input costs and selling prices. Output charges notably rose to the greatest degree in over two years. … 

“Manufacturing continued to flat-line in April amid worrying downside risks to the outlook and sharply rising costs.

“Factory output fell for a second successive month as tariffs were widely blamed on a slump in export orders and curbed spending among customers more broadly amid rising uncertainty. …

“[Tariffs] served to drive business confidence about prospects in the year ahead down sharply to the gloomiest for 10 months.” 

Bloomberg: “US job openings fell [in March] to the lowest since September, indicating weaker labor demand amid increased economic uncertainty.

“Available positions decreased to 7.19 million from a revised 7.48 million reading in February, according to monthly Bureau of Labor Statistics data published Tuesday. The figure was near levels last seen in 2020 and below all estimates in a Bloomberg survey of economists.” 

REMINDER: Economists are warning of a looming “Trump recession” as the stock market plummeted to the worst performance in almost a century.  

Wall Street Journal: “The S&P 500’s performance since Inauguration Day [through Trump’s first three months] is now the worst for any president up to this point in data going back to 1928, according to Bespoke Investment Group.”

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

CNBC: “Wednesday’s First-Quarter GDP Report Added To Fears The U.S. Is Already In A Recession”

Wall Street Journal: “U.S. Faces Recession This Year, IIF Says”

Redfin News: “Nearly one in four U.S. residents are canceling plans to make a major purchase, such as buying a home or car, because of President Trump’s tariff policies, according to a Redfin survey.”

Americans have lost confidence in Trump and are overwhelmingly rejecting his failed economic agenda. 

• 3 in 4 Americans believe the economy is faltering and are preparing for a recession, with a majority believing Trump is to blame.
• Just 36% of Americans approve of Trump’s handling of the economy.
• 62% of Americans disapprove of Trump’s handling of inflation, with 1 in 3 Republicans saying the cost of living is on the wrong track.
• A majority of Americans have lost confidence in Trump’s ability to make sound economic policy decisions.  
• 52% say Trump is making it more expensive for them to retire.

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