{"id":1055415,"date":"2025-07-31T14:16:04","date_gmt":"2025-07-31T18:16:04","guid":{"rendered":"https:\/\/democrats.org\/?p=1055415"},"modified":"2025-07-31T14:16:04","modified_gmt":"2025-07-31T18:16:04","slug":"trumps-economy-layoffs-are-spiking-prices-are-skyrocketing-as-trade-deadline-looms","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/trumps-economy-layoffs-are-spiking-prices-are-skyrocketing-as-trade-deadline-looms\/","title":{"rendered":"Trump\u2019s Economy: Layoffs are Spiking & Prices are Skyrocketing as Trade Deadline Looms"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

In response to Donald Trump\u2019s failing economy,<\/em> <\/em>DNC Rapid Response Director Kendall Witmer released the following statement:<\/em><\/strong><\/p>\n\n\n\n

\u201cDonald Trump\u2019s economy is a disaster for Americans \u2014 prices are going up and layoffs are skyrocketing. Meanwhile, he\u2019s bragging about the taxes he\u2019s needlessly forced on American consumers and small businesses because of his erratic trade war \u2014 and it\u2019s only set to get worse as Trump makes a second attempt at his failed \u2018Liberation Day.\u2019 Trump is enriching his billionaire buddies while working families struggle to get by. Turns out his promise to lower costs on Day One was a lie.\u201d<\/p>\n\n\n\n

NEW REPORTS: Inflation jumped \u2014 with inflation for some products hitting a 38-year high \u2014 and layoffs are skyrocketing due to Donald Trump\u2019s failing economic agenda. <\/strong><\/p>\n\n\n\n

Challenger, Gray, and Christmas<\/a>: \u201cU.S.-based employers announced 62,075 job cuts in July, up 29% from June\u2019s 47,999. It is up 140% from 25,885 announced in the same month last year,<\/strong> according to a report released Thursday from global outplacement and business and executive coaching firm Challenger, Gray & Christmas. \u2026 <\/p>\n\n\n\n

\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>. \u2026<\/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

\u201cThe most interesting data is WHAT people are and aren\u2019t buying. Take a look at the chart. People 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

OUTLOOK: Things are only set to get worse as Trump maintains his tariff deadline set for tomorrow, as he fails to achieve the 200 \u201cdeals\u201d in 120 days that he promised. <\/strong><\/p>\n\n\n\n

CNBC News<\/a>: \u201cCome Friday, the world will have to contend with higher tariff rates from the Trump administration<\/strong>, raising the specter of even more economic uncertainty. \u2026<\/p>\n\n\n\n

\u201cBack in April, Trump had claimed to have done \u2018over 200 deals\u2019 in an interview with Time Magazine, and trade advisor Peter Navarro had said that \u201890 deals in 90 days\u2019 was possible. The country has fallen far short of that\u2026\u201d<\/strong><\/p>\n\n\n\n

Associated Press<\/a>: \u201cWhat Trump described as a \u2018deal\u2019 is actually less than that: It\u2019s a \u2018framework\u2019 meant to set the stage for more substantive talks.\u201d  <\/strong><\/p>\n\n\n\n

Bloomberg<\/a>: \u201cPresident Donald Trump\u2019s flurry of trade deal announcements are so far proving light on detail \u2014 with key aspects still under negotiation, partners giving mixed signals about what they signed up for, and big numbers shrinking under scrutiny<\/strong>.\u201d<\/p>\n\n\n\n

Meanwhile, Trump is busy bragging about taxing Americans an extra $150 billion and falsely claiming he\u2019s lowered prices. <\/strong><\/p>\n\n\n\n

White House<\/a>: \u201cWELCOME TO THE GOLDEN AGE \u2728<\/p>\n\n\n\n

\u201cThanks to the leadership of @POTUS, the U.S. has generated over $150B in tariff revenues within the past 6 months.<\/strong> \ud83d\udcb8\u201d<\/p>\n\n\n\n

Donald Trump<\/a>: \u201cInflation, I\u2019ve already taken care of.<\/strong> Prices are way down for everything. Groceries, everything.\u201d<\/strong><\/p>\n\n\n\n

###<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

In response to Donald Trump\u2019s failing economy, DNC Rapid Response Director Kendall Witmer released the following statement: \u201cDonald Trump\u2019s economy is a disaster for Americans \u2014 prices are going up and layoffs are skyrocketing. Meanwhile, he\u2019s bragging about the taxes he\u2019s needlessly forced on American consumers and small businesses because of his erratic trade war […]<\/p>\n","protected":false},"author":293,"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-1055415","post","type-post","status-publish","format-standard","hentry","category-press-release"],"acf":[],"yoast_head":"\nTrump\u2019s Economy: Layoffs are Spiking & Prices are Skyrocketing as Trade Deadline Looms - 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-economy-layoffs-are-spiking-prices-are-skyrocketing-as-trade-deadline-looms\/\" \/>\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=\"2025-07-31T18:16:04+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=\"Shelby Reese\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shelby Reese\" \/>\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-economy-layoffs-are-spiking-prices-are-skyrocketing-as-trade-deadline-looms\/\",\"url\":\"https:\/\/democrats.org\/news\/trumps-economy-layoffs-are-spiking-prices-are-skyrocketing-as-trade-deadline-looms\/\",\"name\":\"Trump\u2019s Economy: Layoffs are Spiking & Prices are Skyrocketing as Trade Deadline Looms - 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