How the economy is doing appears to depend increasingly on your voter registration card.

At least, until paychecks arrive.

Early in his tenure as president, Trump has staffed up some major offices, gotten rid of some key figures and begun a big-push legislative agenda. Still, the U.S. economy is a big, slow, $3 trillion machine with millions of moving pieces. It takes a long time to make real changes to that, and frankly the president's power to do so is relatively limited.

So with all of that in mind, what has Trump accomplished?

Fabulous Promises, Mundane Results

Trump was always in for a rough inaugural year by nature of the way he campaigned.

During the 2016 election he rode into office on promises that would always prove impossible to fulfill. From bringing back increasingly obsolete jobs to strong-arming sovereign nations against their own interests, Trump the candidate promised truly amazing things once installed in the White House.

No president could have lived up to the rhetoric of that campaign, for a basket of reasons. Automation, alternative energy, labor costs and the (yes) very real threat of global warming have all reshaped the job market. Trade agreements always involve giving something to get something, leading many Americans to depend on the prices made possible by those very same treaties.

The president's use of the word "deal" as a catch-all totem for government business, action, ideas and all-around McGuffin campaigned well, but it leaves agencies gasping for specificity on actual policies.

The result is an administration doomed to disappoint when it did not conjure economic miracles from thin air, which it hasn't.

Nor has the Trump administration has driven the economy off a cliff. Instead the president has had an unremarkable first three months in office from the standpoint of macroeconomic results (and often only from that standpoint). That's not bad, but it does invite unfavorable comparisons to the promises made by Candidate Trump.

Relatively Little Change

As noted above, the economic story out of the president's first three months in office is the lack of a story.

That's unsurprising, all things considered. The new president and Congress have passed no significant economic legislation yet and of Trump's record number of executive orders in his first 100 days, few make real policy changes.

More importantly it takes time for a new President to put his stamp on the economy.

"In 100 days, the reality is most of the labor market is just a continuation of the positive trends that we saw before the election," said Andrew Chamberlain, chief economist for the labor website Glassdoor. "There's so much momentum and most things like total job creation and wage growth, they involve millions of actors in the economy. The president doesn't determine that."

In an effort to the beginning of Trump's presidency, Glassdoor studied the current labor market compared to this point last year. It found that things are going pretty solidly average. Total job creation is slightly worse, but trending up. Total job openings are somewhat better, but trending down. Wage growth and consumer confidence both have increased.

"Even though the number of new jobs is down, overall employee satisfaction is trending upwards across almost all industries, states, and work-life factors," said Moritz Kothe, CEO of the workplace data site kununu. "Overall confidence levels in job stability have increased in the first quarter of 2017. While the president may not necessarily have a direct or immediate impact, we also looked through our reviews attributed to the federal government… job security ratings increased significantly starting in January of 2017." 

Lagging GDP growth, an anemic 0.7% in first quarter 2017, is cause for legitimate concern, but growth in job openings and the stock market indicate confidence from U.S. business owners and investors.

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