This week highlighted continued economic momentum under President Donald J. Trump, marked by declining consumer costs and strong financial market performance. Gas prices over the Labor Day weekend reached their lowest level in five years, a trend attributed to the administration’s push to expand domestic energy production and reverse restrictions implemented during the previous administration. This shift has eased pressure on fuel markets and benefited millions of Americans traveling by car. n nTravel-related expenses also showed broad-based relief. Domestic airfares dropped by six percent compared to the prior year, reaching a five-year low. Hotel prices declined by approximately 11 percent, while car rental fees fell by three percent, making leisure travel more accessible. n nHousing affordability improved as mortgage rates declined, with the average 30-year fixed rate hitting a ten-month low. Freddie Mac’s chief economist pointed to moderating interest rates and steady economic expansion as key factors. The administration emphasized its focus on reversing housing cost increases linked to prior immigration policies, claiming renewed progress in making homes more affordable. n nFinancial markets reached new milestones, with both the Dow Jones Industrial Average and the S&P 500 achieving record highs. The S&P 500 is on pace for its fourth consecutive monthly gain, supported by strong corporate earnings and optimism fueled by the passage of major economic legislation known as the One Big Beautiful Bill. n nAdditionally, latest GDP figures significantly exceeded forecasts, signaling robust economic growth. n— news from The American Presidency Project
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White House Press Release – This Week in the Trump Economy: Lower Prices, Higher Growth, Record Markets
This week in President Donald J. Trump ‘s economy: n nLowest Labor Day gas prices in five years n nAmericans traveling by car for Labor Day weekend will see the lowest gas prices in at least five years amid the Trump Administration ‘s relentless action to revive America ‘s energy capabilities and undo the Biden-era stranglehold on American energy production. n nTravel costs on the decline n nDomestic airfares are down six percent over last year — hitting a five-year low — while hotel rates are down about 11 percent and car rental costs are down three percent. n nMortgage rates hit ten-month low n nThe average rate for a 30-year fixed mortgage fell to a ten-month low — with Freddie Mac ‘s chief economist citing “lower rates and solid economic growth” as the primary driver. After housing costs soared as the Biden Administration let millions of illegal immigrants into the country, the Trump Administration has made housing affordability a top priority — and it ‘s working. n nDow, S&P 500 notch fresh records n nThe Dow Jones Industrial Average and the S&P 500 etched fresh record highs, with the S&P 500 on track to post its fourth straight winning month in a row as corporate earnings soar and the One Big Beautiful Bill drives renewed economic optimism. n nGDP shatters expectations