Well, she starts now.

All right, good morning.

It is Saturday, May the 3rd.

A lot of economic data was released in the past week.

But if you're not sure what to make of it all, it's okay.

I'm going to talk through this with you.

It was an unusually turbulent and consequential month for the economy throughout April.

Donald Trump imposed, then paused a series of tariffs on nearly all of America's trading partners

before unpausing some of them again.

It was chaotic, and it was supposed to be one of his key economic policies.

But the U.S. gross domestic product shrank

three-tenths of a percent in the first three months, the first quarter of 2025, according

to the Department of Commerce. This is the first time that we've seen a negative first quarter

since the first quarter of 2022. Meanwhile, the April jobs report was better than expected, although let's be real, the initial

expectations were low. Employers added 177,000 jobs last month, the unemployment rate, which those of

you have been listening to me for decades, no, I say pay very little attention to the actual

unemployment rate, no matter who you're president is, because the denominator changes every month. But amid all of this, the stock market has rebounded.

The NASDAQ and the S&P 500 have recovered after experiencing steep sell-offs in early April

following Trump's so-called Liberation Day tariff announcement.

This is Trump's economy at work. These are the early

consequences of his agenda. The shrinking GDP was primarily caused by uncertainty that people have

been feeling about Donald Trump's economic and trade policies. It was driven by a massive surge

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