{"id":1055469,"date":"2025-08-04T12:49:51","date_gmt":"2025-08-04T16:49:51","guid":{"rendered":"https:\/\/democrats.org\/?p=1055469"},"modified":"2025-08-04T12:49:52","modified_gmt":"2025-08-04T16:49:52","slug":"trumps-chief-economist-admits-weak-and-slow-economy-while-trump-tries-to-cover-up-disastrous-job-numbers","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/trumps-chief-economist-admits-weak-and-slow-economy-while-trump-tries-to-cover-up-disastrous-job-numbers\/","title":{"rendered":"Trump\u2019s Chief Economist Admits \u201cWeak\u201d and \u201cSlow\u201d Economy While Trump Tries to Cover Up Disastrous Job Numbers"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

In response to Kevin Hassett admitting that the job numbers released last week were \u201cslow\u201d and \u201cweak\u201d,<\/em> <\/em>DNC Rapid Response Director Kendall Witmer released the following statement:<\/em><\/strong><\/p>\n\n\n\n

\u201cAs Donald Trump tries to cook the books on the job numbers, his own people are admitting that the numbers show that Trump\u2019s economy is \u2018slow\u2019 and \u2018weak.\u2019 Trump\u2019s chief economist, Kevin Hassett, revealed what we all know to be true: basic necessities are getting more and more expensive, and job opportunities are getting harder and harder to find. Instead of working to lower costs and create job opportunities for working families, Trump is hell-bent on trying to gaslight the American people. But it won\u2019t work \u2014 Americans aren\u2019t buying his unaffordable economic agenda.\u201d <\/p>\n\n\n\n

NEW: Donald Trump\u2019s chief economist, Kevin Hassett, admitted that Trump\u2019s labor market is \u201cslower,\u201d \u201cweaker,\u201d and has \u201cless momentum.\u201d <\/strong><\/p>\n\n\n\n

Kevin Hassett<\/a>: \u201cYeah, I think the jobs numbers were slower than we expected.<\/strong> \u2026 I think it is likely that the revisions are a better read of the data if the data are not being manipulated. And so yeah, I would say that it\u2019s a little bit weaker. <\/strong>\u2026 But absolutely, that jobs number, if the revision turns out to be true, does suggest that there\u2019s less momentum than we thought.\u201d <\/strong><\/p>\n\n\n\n

REMINDER: Hasset’s comments come after last week\u2019s disastrous jobs report. <\/strong><\/p>\n\n\n\n

Mike Konczal<\/a>: \u201cThis is a bad jobs report. <\/strong>73,000 jobs would have been worrisome to begin with, but deeply negative revisions to the previous two-months wiped out much of the recent gains. 2025 looks a lot worse the further we get into it.\u201d<\/p>\n\n\n\n

Jamie Dupree<\/a>: \u201cMay-June-July is the weakest 3-month period of job growth since COVID.  If you throw out 2020, it’s the weakest 3-month period since 2010 and the aftermath of the Great Recession.\u201d<\/strong><\/p>\n\n\n\n

Bureau of Labor Statistics<\/a>: Manufacturing employment fell by 11,000 jobs, <\/strong>bringing the total manufacturing jobs losses since Trump entered office up to 28,000.<\/p>\n\n\n\n

Inflation and layoffs both rose dramatically over the past two months due to Trump\u2019s disastrous economic agenda, and a new report today shows plummeting factory orders.<\/strong><\/p>\n\n\n\n

U.S. Census Bureau<\/a>: New orders for manufactured goods in June, down two of the last three months, decreased $30.9 billion or 4.8 percent to $611.7 billion, the U.S. Census Bureau reported today.<\/strong> <\/p>\n\n\n\n

Challenger, Gray, and Christmas<\/a>: \u201cSo far this year, companies have announced 806,383 job cuts, the highest YTD since 2020 when 1,847,696 were announced.<\/strong> It is up 75% from the 460,530 job cuts announced through the first seven months of last year and is up 6% from the 2024 full year total of 761,358<\/strong>.\u201d<\/p>\n\n\n\n

Heather Long, Washington Post<\/a>: \u201cJUST IN: PCE inflation rose 0.3% in June. That takes the annual inflation increase up to 2.6% (highest since February).<\/strong><\/p>\n\n\n\n

\u201c\u2018Core\u2019 PCE inflation <\/strong>(excluding food and energy) ticked up to 2.8%<\/strong><\/p>\n\n\n\n

\u201cPeople are really staying away from cars and car parts out of fear of tariffs.\u201d<\/strong><\/p>\n\n\n\n

Ernie Tedeschi, Yale Budget Lab<\/a>: \u201cCore PCE inflation comes in 0.26% MM (3.1% annualized) in June, 2.8% YY. <\/p>\n\n\n\n

\u201cDurable goods have risen in price by 1.7% so far year to date. Other than the depths of the pandemic, that\u2019s the strongest 6-month rise in PCE durables prices since 1987.\u201d  <\/strong><\/p>\n\n\n\n

Americans are already worried about Trump’s unaffordable economic agenda as he drags us further into a reckless trade war that is spiking prices.  <\/strong><\/p>\n\n\n\n

AP<\/a>: \u201cFood, housing, and health care costs are a source of major stress for many people\u201d<\/strong><\/p>\n\n\n\n

CBS News<\/a>: \u201cTwo-thirds think the prices of things they buy will go up either a little or a lot. <\/strong>That\u2019s far more than those who expect prices to just hold steady.\u201d <\/p>\n","protected":false},"excerpt":{"rendered":"

In response to Kevin Hassett admitting that the job numbers released last week were \u201cslow\u201d and \u201cweak\u201d, DNC Rapid Response Director Kendall Witmer released the following statement: \u201cAs Donald Trump tries to cook the books on the job numbers, his own people are admitting that the numbers show that Trump\u2019s economy is \u2018slow\u2019 and \u2018weak.\u2019 […]<\/p>\n","protected":false},"author":292,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1055469","post","type-post","status-publish","format-standard","hentry","category-press-release"],"acf":[],"yoast_head":"\nTrump\u2019s Chief Economist Admits \u201cWeak\u201d and \u201cSlow\u201d Economy While Trump Tries to Cover Up Disastrous Job Numbers - Democrats<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/democrats.org\/news\/trumps-chief-economist-admits-weak-and-slow-economy-while-trump-tries-to-cover-up-disastrous-job-numbers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:site_name\" content=\"Democrats\" \/>\n<meta property=\"article:published_time\" content=\"2025-08-04T16:49:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-08-04T16:49:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/democrats.org\/wp-content\/uploads\/2025\/01\/Black-Logo-White-Fill-For-Email.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1101\" \/>\n\t<meta property=\"og:image:height\" content=\"483\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Adrianna Tomasello\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Adrianna Tomasello\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/democrats.org\/news\/trumps-chief-economist-admits-weak-and-slow-economy-while-trump-tries-to-cover-up-disastrous-job-numbers\/\",\"url\":\"https:\/\/democrats.org\/news\/trumps-chief-economist-admits-weak-and-slow-economy-while-trump-tries-to-cover-up-disastrous-job-numbers\/\",\"name\":\"Trump\u2019s Chief Economist Admits \u201cWeak\u201d and \u201cSlow\u201d Economy While Trump Tries to Cover Up Disastrous Job Numbers - 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