Mark Niquette

Add Fortune on Google for similar content. For most of his second term, President Donald Trump has been arguing that the “golden age” he promised for America's economy is already here.

WASHINGTON — For most of his second term, President Donald Trump has been arguing that the “golden age” he promised for America's economy is already here.

WASHINGTON — For most of his second term, President Donald Trump has been arguing that the “golden age” he promised for America's economy is already here. There's hardly been much evidence that voters agreed.

New York state factory activity expanded this month by the most since the end of 2021 as orders growth and backlogs remained firm.

US industrial production rose for a second month in July, driven by increases in manufacturing and utility output.

The report adds to signs of momentum in manufacturing, with resilient consumer demand and solid business investment.

US consumer spending stalled in July and a closely watched price gauge advanced in line with expectations, giving the Federal Reserve more room to hold interest rates steady.

The US merchandise-trade deficit widened in July to the largest since early last year as imports surged on a pickup in inbound shipments of capital equipment.

Merchandise imports climbed 3.7%. The advance was fueled by the largest increase in capital goods — a category that includes computers and accessories, semiconductors and telecommunications equipment — since 1993. U.S. exports of goods fell 2.9%.

A closely watched U.S. price gauge rose in line with expectations in July, and consumer spending stalled, giving the Federal Reserve some room to hold interest rates steady in the near term.