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# This Week in the Trump Economy: Lower Prices, Higher Growth, Record Markets

The White House
August 29, 2025

This week in President Donald J. Trump’s economy:

### ⛽️ Lowest Labor Day gas prices in five years

Americans traveling by car for Labor Day weekend will see the lowest gas prices in at least five years amid the Trump Administration’s relentless action to revive America’s energy capabilities and undo the Biden-era stranglehold on American energy production.

### ✈️ Travel costs on the decline

Domestic airfares are down six percent over last year — hitting a five-year low — while hotel rates are down about 11 percent and car rental costs are down three percent.

### 🏡 Mortgage rates hit ten-month low

The average rate for a 30-year fixed mortgage fell to a ten-month low — with Freddie Mac’s chief economist citing “lower rates and solid economic growth” as the primary driver. After housing costs soared as the Biden Administration let millions of illegal immigrants into the country, the Trump Administration has made housing affordability a top priority — and it’s working.

### 📈 Dow, S&P 500 notch fresh records

The Dow Jones Industrial Average and the S&P 500 etched fresh record highs, with the S&P 500 on track to post its fourth straight winning month in a row as corporate earnings soar and the One Big Beautiful Bill drives renewed economic optimism.

### 💰 GDP shatters expectations

Second-quarter GDP was revised up to 3.3% — smashing many economists’ expectations and demonstrating the ongoing economic resilience underway in President Trump’s economy. The report also showed increased consumer spending and business investment, while inflation remains low, stable, and right on track with the Federal Reserve’s target.

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