As the nation heads toward the November 3 midterm elections, voters now have the full set of official economic data released by the federal government. While price pressures remain a daily worry for many families, the Trump administration emphasizes that the U.S. economy continues to expand at a solid pace.
Growth Numbers Show Resilience
According to the latest Commerce Department report, real GDP grew at an annualized 3.4% rate over the three months ending in September. That marks an acceleration from the 2.2% and 2.5% annualized growth rates recorded in the two prior quarters. The administration notes that this performance is roughly on par with the expansion seen in 2025.
President Trump, speaking at a rally in Corinth, Miss., described the current trajectory as “unbelievable growth, the biggest growth in the history of our country.” He acknowledged the recent rise in oil prices but argued that the decision to confront Iran was necessary to prevent a nuclear threat, adding that he had anticipated higher oil costs and was prepared for them.
Inflation Remains Above Target
Inflation continues to outpace the Federal Reserve’s 2% goal, running at an annual rate of 3.7% in September. Gasoline prices have surged to $4.22 per gallon, up $1.19 from a year ago, while diesel averages $6.33 per gallon, a $2.65 increase. A recent ABC News/Washington Post/Ipsos poll found that 71% of respondents now consider gasoline unaffordable, up sharply from 28% in February.
Consumer sentiment, measured by the University of Michigan’s 74‑year‑old monthly survey, sits at the second‑lowest level ever recorded. Shoppers expect inflation to rise further over the next year, according to the same survey.
Labor Market Still Strong
The labor market remains tight. The Atlanta Federal Reserve reports an average of about 68,000 jobs added per month during the first nine months of the year, a notable increase from the roughly 10,000 jobs added each month in 2025. However, monthly gains have fluctuated, with September seeing only 29,000 jobs added after a strong August that added 133,000 jobs.
Unemployment has held steady at 4.4% or lower since 2017, except for the pandemic spikes in 2020 and 2021, according to the Bureau of Labor Statistics.
Consumer Spending Holds Up
Consumer spending, which drives about two‑thirds of economic activity, rose 0.9% in August from July—the fastest monthly increase since March. The surge is partly attributed to heightened spending on artificial intelligence technologies, which contributed an average of 0.56 percentage points to quarterly GDP growth and accounted for more than 20% of overall growth, per a recent J.P. Morgan Asset Management study.
What Voters Should Consider
With the midterms looming, the Trump administration urges voters to weigh the full picture: strong GDP growth, resilient job creation, and robust consumer spending against the backdrop of higher energy costs and inflation pressures. The administration’s message is clear—despite short‑term price spikes, the nation’s economic engine remains powerful and poised for continued expansion.
Original reporting: Brookhaven News – ABC7 New York — read the source article.
