First 100 Days Economy – The White House

TO: White House Communications Staff
FROM: Council of Economic Advisers Staff
SUBJECT: First 100 Days Economy Memo

Jobs Statistics:

Since assuming office in January, President Trump has been credited with creating 345,000 jobs.
- A notable 188,000 (54%) of these positions emerged in non-government and closely related sectors, marking a significant shift from the previous Biden Administration, where the majority of job growth stemmed from government roles.
  - Among these, 2,000 jobs were in mining and logging.
  - 27,000 jobs were added in construction.
  - Manufacturing saw the creation of 9,000 jobs, a welcome contrast to the monthly loss of 6,000 manufacturing jobs recorded between January 2023 and December 2024.
- Simultaneously, the federal government workforce shrank by 15,000 positions, reflecting a pivot towards the private sector.
The labor force participation rate for individuals lacking a high school diploma has risen by 0.7% since President Trump took the reins.
Veteran unemployment has improved, decreasing from 4.2% in January to 3.8% by March.
In March alone, 228,000 jobs were created, surpassing expectations.
- This marked the fourth-best month for private payroll growth in the last two years.
Notably, remote work among federal employees has plummeted by over 16 percentage points from March last year to this year, a testament to President Trump’s push for federal workers to return to the office.
- Federal telework rates now closely align with those in the private sector.

Inflation Statistics:

Prescription drug prices have dipped by over 2% since President Trump took office.
Last month witnessed the largest recorded drop in prescription drug prices to date.
Gasoline prices, as indicated by the Consumer Price Index (CPI), have also decreased by 7% since January.
Energy prices have experienced a 2% decline since President Trump took office.
Wholesale egg prices have plummeted by about 50% since January, with consumers already noticing price relief at the store, and further reductions expected soon.
February’s inflation figures indicated the smallest annual increase in core inflation in over four years (since March 2021).
Both of the latest CPI inflation prints fell below forecasts.
The decline noted in March was only the second monthly drop in inflation (CPI) in the past two-and-a-half years.
These price reductions sharply contrast the persistently high inflation rates under President Biden, which soared to the highest annual rate in 40 years. Consumers are now experiencing welcome relief after enduring significant price hikes during Biden’s tenure, with grocery prices climbing 23% and energy prices 34%.
Real wages dropped about 2.4% during President Biden’s term due to rampant inflation.
Additionally, the March inflation report revealed decreases in prices for airfare, used vehicles, and motor insurance.
Wholesale goods prices fell nearly 1% last month, with wholesale services decreasing by 0.2%, signaling potential future reductions in consumer prices.
Retail egg price inflation continued its trend of slowing last month.

Misc. Economic Statistics:

Real average hourly earnings have risen by 0.4% for middle- and low-income workers, and by 1% for those in the manufacturing sector since President Trump took office.
The automotive industry is seeing growth, highlighted by the largest one-month increase in auto sales in March compared to the previous year.
Mortgage rates have fallen by approximately four-tenths of a percentage point since January.
- Considering current median home prices in the U.S., a new homebuyer with a 20% down payment on a 30-year mortgage could save around $32,400 over the life of the loan, translating to about $1,080 annually.
March recorded the seventh-highest level of industrial production ever, with only higher monthly levels occurring during Trump’s first term in 2018 and in February of this year.
Since President Trump took office, pledges for over $5 trillion in new investments in the U.S. have been made by both foreign governments and private enterprises.

Economic Policy Wins:

Upon taking office, President Trump swiftly blocked numerous unfinalized regulations from the Biden era, resulting in savings exceeding $180 billion for Americans—approximately $2,100 per family of four over the next decade. This ambitious, multi-agency effort aims to roll back existing federal regulations that inflate living costs. It is projected to yield substantial savings soon, including the EPA’s rollback of vehicle tailpipe emission rules (savings of $667 billion) and the Department of Transportation’s latest Corporate Average Fuel Economy (CAFE) standards (savings of $88 billion). These two initiatives alone promise a total savings of $755 billion, or over $8,800 per family of four over the next decade. Cumulatively, these actions represent just over $935 billion or nearly $11,000 per family of four in the coming decade.
The Trump Administration has instituted an aggressive 10-to-1 deregulatory framework, mandating that for every new rule proposed, ten existing regulations must be eliminated. This initiative builds on the previous administration’s successful deregulatory approach, which aimed for the repeal of at least two regulations for each new rule, ultimately resulting in an elimination of 5.5 rules for each significant new regulation.
To date, President Trump has executed over 20 significant deregulatory presidential actions (including executive orders, memoranda, and proclamations).