Plus, Susie Wiles breaks cover, a new name in the frame for the Federal Reserve and Hegseth says the Pentagon won’t release the Sept. 2 boat strike video
Good morning. New data released Tuesday showed that the unemployment rate has risen from 4% when President Trump took office to 4.6% in November. A sizable drift like that isn’t a good political omen, but it also isn’t rare.
According to data crunched by the WSJ’s Anthony DeBarros, six U.S. presidents since 1953 have seen unemployment rise during the first 10 months of their first term. (This is technically Trump’s second term, but his terms were non-contiguous).
Those presidents are: Eisenhower (initially 2.9%, rose to 3.5%), Nixon (3.4%, rose to 3.5%), Ford (5.5%, rose to 8.8%), Reagan (7.5%, rose to 8.3%), George W. Bush (4.2%, rose to 5.5%) and Obama (7.8%, rose to 9.9%).
No one is immune, not even the supposedly rich:
Even Americans earning six figures are feeling squeezed as the rising cost of living forces those in top income brackets to cut back on expenses and look for ways to stretch their dollars, according to a survey from the Harris Poll.
The findings reveal a surprising sense of economic anxiety, with 64% of six-figure earners saying their income isn’t a milestone for success but merely the bare minimum for staying afloat.
“Our data shows that even high earners are financially anxious—they’re living the illusion of affluence while privately juggling credit cards, debt, and survival strategies,” Libby Rodney, the Harris Poll’s chief strategy officer and futurist, said in a statement.
In fact, those making $200,000 or more have resorted to financial tactics that are often associated with less wealthy consumers. For example, 64% said they’ve used rewards points to pay for essentials, 50% have used “buy now, pay later” plans for purchases under $100, and 46% rely on credit cards to make ends meet.
The Harris Poll report also revealed how those top earners are avoiding expenses: 49% skipped a social event so they wouldn’t have to split a check, 48% have pretended an app like Venmo or Zelle wasn’t working to dodge a payment, and 45% held off on medical care because of the cost.