{"id":1052647,"date":"2025-05-01T14:28:24","date_gmt":"2025-05-01T18:28:24","guid":{"rendered":"https:\/\/democrats.org\/?p=1052647"},"modified":"2025-05-01T14:28:25","modified_gmt":"2025-05-01T18:28:25","slug":"trumps-economy-two-straight-months-of-declining-manufacturing-fewer-jobs-and-higher-prices","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/trumps-economy-two-straight-months-of-declining-manufacturing-fewer-jobs-and-higher-prices\/","title":{"rendered":"Trump\u2019s Economy: Two Straight Months Of Declining Manufacturing, Fewer Jobs, and Higher Prices"},"content":{"rendered":"\n
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In response to <\/em>new<\/em><\/a> <\/em>reports<\/em><\/a> on Donald Trump\u2019s failing economy,<\/em> DNC Chair Ken Martin released the following statement:<\/em><\/strong><\/p>\n\n\n\n

\u201cDespite his promise of a new \u2018golden age,\u2019 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\u2019d be fired by now.\u201d <\/p>\n\n\n\n

NEW REPORT: For the second straight month, Trump\u2019s chaotic economic agenda raised prices and caused US manufacturing to decline, while costing hardworking Americans their jobs as the job market shrinks. <\/strong><\/p>\n\n\n\n

Institute For Supply Management<\/a>: \u201cEconomic activity in the manufacturing sector contracted in April for the second month in a row \u2026 <\/strong><\/p>\n\n\n\n

\u201cThe New Orders Index contracted for the third month in a row \u2026 <\/strong><\/p>\n\n\n\n

\u201cDemand and production retreated and destaffing continued<\/strong>, as panelists\u2019 companies responded to an unknown economic environment. Prices growth accelerated slightly due to tariffs<\/strong>, causing new order placement backlogs, supplier delivery slowdowns and manufacturing inventory growth. Forty-one percent of manufacturing gross domestic product (GDP) contracted in April \u2026<\/strong><\/p>\n\n\n\n

\u201cWhat respondents are saying \u2026<\/strong> <\/p>\n\n\n\n

\u201c\u2018Tariff whiplash is causing us major issues with customers.\u2019<\/strong> \u2026<\/p>\n\n\n\n

\u201c\u2018There is a lot of concern about the inflationary impacts from tariffs<\/strong> in our industry. Domestic producers are charging more for everything because they can.\u2019\u201d <\/p>\n\n\n\n

S&P Global<\/a>: \u201cConfidence in the outlook fell to its lowest since last June, <\/strong>while job losses were recorded for the first time in six months.<\/strong><\/p>\n\n\n\n

\u201cOn the price front, tariffs reportedly led to steep increases in both input costs and selling prices.<\/strong> Output charges notably rose to the greatest degree in over two years. \u2026 <\/p>\n\n\n\n

\u201cManufacturing continued to flat-line in April<\/strong> amid worrying downside risks to the outlook and sharply rising costs.<\/p>\n\n\n\n

\u201cFactory output fell for a second successive month <\/strong>as tariffs were widely blamed on a slump in export orders and curbed spending among customers more broadly amid rising uncertainty. \u2026<\/p>\n\n\n\n

\u201c[Tariffs] served to drive business confidence<\/strong> about prospects in the year ahead down sharply to the gloomiest for 10 months.\u201d <\/strong><\/p>\n\n\n\n

Bloomberg<\/a>: \u201cUS job openings fell [in March] to the lowest since September,<\/strong> indicating weaker labor demand amid increased economic uncertainty.<\/p>\n\n\n\n

\u201cAvailable positions decreased to 7.19 million from a revised 7.48 million<\/strong> reading in February, according to monthly Bureau of Labor Statistics data published Tuesday. The figure was near levels last seen in 2020<\/strong> and below all estimates in a Bloomberg survey of economists.\u201d <\/p>\n\n\n\n

REMINDER: Economists are warning of a looming <\/strong>\u201cTrump recession\u201d<\/strong><\/a> as the stock market plummeted to the worst performance in almost a century.  <\/strong><\/p>\n\n\n\n

Wall Street Journal<\/a>: \u201cThe S&P 500\u2019s performance since Inauguration Day [through Trump\u2019s 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.\u201d<\/strong><\/p>\n\n\n\n

The Telegraph<\/a>: \u201cEconomists are starting to worry about a serious Trump recession\u201d<\/strong><\/p>\n\n\n\n

CNBC<\/a>: \u201cWednesday\u2019s First-Quarter GDP Report Added To Fears The U.S. Is Already In A Recession\u201d<\/strong><\/p>\n\n\n\n

Wall Street Journal<\/a>: \u201cU.S. Faces Recession This Year, IIF Says\u201d<\/strong><\/p>\n\n\n\n

Redfin News<\/a>: \u201cNearly 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\u2019s tariff policies, according to a Redfin survey.\u201d<\/strong><\/p>\n\n\n\n

Americans have lost confidence in Trump and are overwhelmingly rejecting his failed economic agenda. <\/strong><\/p>\n\n\n\n