Published:Thursday, 24 Sep 2020 09:09
President Trump says he built the greatest ever US economy prior to the coronavirus outbreak.
He claims to have generated historic economic growth, record low unemployment, and lifted millions of Americans out of poverty – and he says he will do it all again if re-elected.
Reality Check verdict: It’s true the economy was doing well prior to the pandemic – continuing a trend which began during the Obama administration – but there were periods when it was even stronger.
The US economy has now been hit by the biggest economic contraction ever recorded and the highest unemployment rate in more than 80 years.
We’ve looked at the economy in six key charts.
During his first three years in office, President Trump oversaw an annual average growth of 2.5%.
The last three years of the Obama administration saw a similar level of growth (2.3%) along with a significantly higher figure (5.5%) in mid-2014.
But the coronavirus outbreak earlier this year has triggered the sharpest contraction since records began.
In the second quarter of 2020 – accounting for April, May and June – the economy contracted by over 30%. That’s more than three times greater than the 10% fall in 1958.