Key Facts
• July Consumer Price Index (CPI) rose 2.7% year-on-year, inflation remains high.
• Excluding food and energy, CPI increased by 3.1%, surpassing market expectations.
• Trump replaced the Labor Statistics Bureau chief with E.J. Antoni on August 11.
• Antoni, a conservative economist, is considered aligned with Trump’s policies.
• Trump claimed U.S. economy is “very good” despite inflation concerns.
• Labor Department revised May and June non-farm employment figures downward.
• Trump accused employment statistics of being manipulated to harm his image.
• U.S. average rent for a one-bedroom apartment in July was $1,500 (approx. ¥225,000).
• New York City rents reached $4,400 (approx. ¥660,000) on average.
• Trump administration approval rating dropped to 37%, a record low since his second term began.
Summary
The U.S. economy faces rising inflation, with July’s Consumer Price Index increasing by 2.7% year-on-year and core inflation surpassing expectations at 3.1%. Amid these challenges, President Trump replaced the Labor Statistics Bureau chief with E.J. Antoni, a conservative economist, following disputes over employment data revisions. Trump continues to assert the economy is strong, urging for immediate interest rate cuts. However, public dissatisfaction with high living costs, including average rents of $1,500 nationwide and $4,400 in New York City, has contributed to a decline in his approval rating to 37%, the lowest of his second term.
