In a Monday interview with ABC13, U.S. Treasury Secretary Scott Bessent said the economy is not where the Trump administration wants it to be. He pointed to signs of improvement, including manufacturing and construction jobs returning and what he called real wage growth of 1% since the administration took office. He said the figure is below what the administration wants but is better than the previous administration's record under the circumstances of high energy prices.
Bessent said he expects prices to fall once the conflict with Iran ends, and said oil markets should be better supplied than before. He also said core inflation, which excludes energy, has dropped for three of the past four months. On food costs, he said the rate of change has dropped substantially.
ABC13 noted that gas prices are about a dollar higher than a year ago and interest rates are also up, while egg prices and unemployment are down over the last twelve months. The station said food prices are still rising, only at a slower pace. It also reported that a handful of recent polls slightly favor Democrats over Republicans on which party is better at handling the economy.