United States President Donald Trump said that the country had lost $3 trillion because of the outcome of the midterm elections, in which the Democratic Party won control of the House of Representatives and the Senate.
“Our country lost $3 trillion — all because of the elections,” Trump said on Friday during a statement at the Kennedy Space Center in Florida. He did not specify whether he was referring to a decline in market capitalization, economic damage, or another type of loss.
Financial market data show that the S&P 500 index wiped out around $3 trillion in market value on Thursday. According to Reuters, the decline was linked to concerns that stricter regulations on artificial intelligence could be introduced after the elections, which would affect the prospects of the technology sector. These figures do not mean that the state budget or the U.S. economy lost $3 trillion in a direct sense.
Employment growth exceeds forecasts
In the same statement, Trump highlighted the results from the labor market. U.S. employers created 165,000 jobs in October, while the unemployment rate fell to 4.1 percent, the Associated Press reported.
Employment growth exceeded the forecast of 65,000 new jobs cited by Reuters. In September, the increase was revised to 60,000 jobs. Despite the positive data, the pace of hiring remains weaker than the average monthly growth in 2023 and 2024.
Democrats to take control of Congress in January
The Democrats’ victory in both chambers will bring an end to Republican control of Congress. The new balance of power will take effect in January, when the terms of the newly elected lawmakers begin.
Until then, Republicans will retain control of Congress. After the new legislature takes office, the Trump administration will have to work with a Democratic majority in the House of Representatives and the Senate, while the president will retain his veto power.
Sources: news.sky.com, marketscreener.com, apnews.com