President Donald Trump’s campaign for his second term was full of promises to fix the economy. Affordability has also been a key message from this administration in the first year.The Get the Facts Data Team reviewed various economic indicators ahead of Trump’s first State of the Union address of his second term. The indicators describe how the economy has changed since he took office again. Inflation The inflation rate for all items has fluctuated a bit in recent years, but prices for all items were at 2.4% in January compared to the year prior, according to data from the U.S. Bureau of Labor Statistics.The inflation rate for food has been trending up since around 2024. In August, grocery prices were up 3.2% compared to the year prior, then down 3.1% in September. October data was not calculated due to the government shutdown.The cost of food dipped to 2.6% higher in November before going back up to 3.1% in December. In January, it was 2.9%.Consumer sentimentDuring Trump’s first year, consumer sentiment has been on the decline, hitting the lowest since June 2022 this past November.The consumer sentiment index is an economic indicator calculated by the University of Michigan and is a survey of consumers’ outlook on the economy.UnemploymentThe unemployment rate, which has been on the rise since 2023, hit a four-year high in November at 4.5%.The rate moved down slightly to 4.4% in December and 4.3% in January. Data from October was not calculated because of the government shutdown.Gross domestic productReal gross domestic product declined in the first quarter of Trump’s second administration by 0.6%, but was up in the second, third and fourth quarters of the year, according to data from the Bureau of Economic Analysis.Real GDP measures the value of goods and services produced by the economy. The GDP declined early last year due to Trump’s sweeping tariffs, which led to a surge in companies importing goods in anticipation of the tariffs.National debtMore than $2 trillion has been added to the national debt in the first year of Trump’s second term, according to data from the Treasury.The debt hit $37 trillion in August and $38 trillion in October last year as the government was shut down for a record number of days.The accumulation of a trillion dollars was the fastest since the COVID-19 pandemic, according to The Associated Press.Stock marketsVolatile stock markets were a major theme, especially early on, in Trump’s first year.Major stock market indexes experienced rapid declines in Trump’s second month in office as a trade war broke out with China amid new tariffs imposed.Markets crashed on what Trump called “Liberation Day,” when the administration announced sweeping reciprocal tariffs across all trading partners, including a baseline 10% tariff. The decline was the largest since the 2020 crashes related to the COVID-19 pandemic.PHNjcmlwdCB0eXBlPSJ0ZXh0L2phdmFzY3JpcHQiPiFmdW5jdGlvbigpeyJ1c2Ugc3RyaWN0Ijt3aW5kb3cuYWRkRXZlbnRMaXN0ZW5lcigibWVzc2FnZSIsKGZ1bmN0aW9uKGUpe2lmKHZvaWQgMCE9PWUuZGF0YVsiZGF0YXdyYXBwZXItaGVpZ2h0Il0pe3ZhciB0PWRvY3VtZW50LnF1ZXJ5U2VsZWN0b3JBbGwoImlmcmFtZSIpO2Zvcih2YXIgYSBpbiBlLmRhdGFbImRhdGF3cmFwcGVyLWhlaWdodCJdKWZvcih2YXIgcj0wO3I8dC5sZW5ndGg7cisrKXtpZih0W3JdLmNvbnRlbnRXaW5kb3c9PT1lLnNvdXJjZSl0W3JdLnN0eWxlLmhlaWdodD1lLmRhdGFbImRhdGF3cmFwcGVyLWhlaWdodCJdW2FdKyJweCJ9fX0pKX0oKTs8L3NjcmlwdD4=

WASHINGTON —

President Donald Trump’s campaign for his second term was full of promises to fix the economy. Affordability has also been a key message from this administration in the first year.

The Get the Facts Data Team reviewed various economic indicators ahead of Trump’s first State of the Union address of his second term. The indicators describe how the economy has changed since he took office again.

Inflation

The inflation rate for all items has fluctuated a bit in recent years, but prices for all items were at 2.4% in January compared to the year prior, according to data from the U.S. Bureau of Labor Statistics.

The inflation rate for food has been trending up since around 2024. In August, grocery prices were up 3.2% compared to the year prior, then down 3.1% in September. October data was not calculated due to the government shutdown.

The cost of food dipped to 2.6% higher in November before going back up to 3.1% in December. In January, it was 2.9%.

Consumer sentiment

During Trump’s first year, consumer sentiment has been on the decline, hitting the lowest since June 2022 this past November.

The consumer sentiment index is an economic indicator calculated by the University of Michigan and is a survey of consumers’ outlook on the economy.

Unemployment

The unemployment rate, which has been on the rise since 2023, hit a four-year high in November at 4.5%.

The rate moved down slightly to 4.4% in December and 4.3% in January. Data from October was not calculated because of the government shutdown.

Gross domestic product

Real gross domestic product declined in the first quarter of Trump’s second administration by 0.6%, but was up in the second, third and fourth quarters of the year, according to data from the Bureau of Economic Analysis.

Real GDP measures the value of goods and services produced by the economy. The GDP declined early last year due to Trump’s sweeping tariffs, which led to a surge in companies importing goods in anticipation of the tariffs.

National debt

More than $2 trillion has been added to the national debt in the first year of Trump’s second term, according to data from the Treasury.

The debt hit $37 trillion in August and $38 trillion in October last year as the government was shut down for a record number of days.

The accumulation of a trillion dollars was the fastest since the COVID-19 pandemic, according to The Associated Press.

Stock markets

Volatile stock markets were a major theme, especially early on, in Trump’s first year.

Major stock market indexes experienced rapid declines in Trump’s second month in office as a trade war broke out with China amid new tariffs imposed.

Markets crashed on what Trump called “Liberation Day,” when the administration announced sweeping reciprocal tariffs across all trading partners, including a baseline 10% tariff. The decline was the largest since the 2020 crashes related to the COVID-19 pandemic.