Fact Check: Is Trump's claim that US consumer confidence is 'way up' true?

WASHINGTON, DC: During a White House Small Business Summit, remarks attributed to President Donald Trump sparked online debate after he reportedly said the economy was strong and that his policies were satisfying Americans. 

The statement quickly circulated on social media, with users questioning both its context and accuracy.

Claim: Trump touts economy, rising consumer confidence

President Donald Trump hosted more than 100 small business owners at the White House on Monday, May 4, during National Small Business Week, describing them as a key driver of US economic growth and crediting his administration’s tax and regulatory policies for contributing to increased investment and factory construction.

Addressing the group in the East Room, he said, “You’re the lifeblood of the American economy, and with your help, we’re truly Making America Great Again.”

He highlighted tax provisions from his earlier reform package, including 100% expensing and bonus depreciation, which allow businesses to fully deduct the cost of new facilities, equipment, and capital investments in the first year.

Trump also pointed to his administration’s regulatory approach, claiming that 129 existing rules had been eliminated for every new regulation introduced.

He added, "We got it up to about 1 in 12. Now I see we have a 1 in 129. So we're getting rid of 129 nonsense regulations for every new one that we pass. And thanks to these pro-growth policies, our economy is roaring and factory construction is -- is way up. Consumer confidence is way up. Business investment is more than triple compared to that of just a short time ago."

Fact Check: Consumer confidence data contradicts Trump claim

Three widely used indicators of US consumer confidence suggest that sentiment is currently weak, with at least one measure approaching historic lows.

Surveys from the University of Michigan, the Conference Board, and aggregated public polling data all point to lower consumer satisfaction with the economy compared to the end of Joe Biden’s term, with some readings near record lows.

One prominent compilation of public opinion, Silver Bulletin, published by statistician Nate Silver, tracks presidential net approval ratings across multiple polls.

Net approval is calculated by subtracting the percentage of respondents who disapprove from those who approve. A positive score indicates more approval than disapproval, while a negative score indicates the opposite.

According to this data, President Donald Trump’s net approval on economic management during his second term started in positive territory in January 2025 but turned negative the following month and has continued to decline, reaching a gap of about 24 percentage points in early May.

At the same time, retail sales have remained strong during this period, though analysts note that this may not necessarily reflect higher consumer confidence, as it could also be influenced by price increases linked to tariffs.

Based on these mixed indicators, the claim of strong and broadly satisfied consumer sentiment is considered inaccurate.