With his legislative agenda stalled and global events spinning out of his control, Donald Trump is desperate to win something. And so Trump has turned to claiming credit for everything good in the economy and the markets.

Even if what’s going on in the economy and markets isn’t very remarkable at all.

In one sense, Trump’s tweets aren’t unusual. It’s part of his job to lift us up when we are down and to lead the cheers when things are going well.

What’s different with Trump is that he’s still fighting the last campaign. And he’s at war with the media as well. And so, with Trump, the cheerleading takes on a strange tone: “America was failing, but now everything is great, and the failing fake news media won’t report it! I’m the only one who will tell you how great America is, and how much greater it will be! #MAGA”

It’s laughable when Trump claims that the media won’t report on the record levels in the stock market. If you follow the news at all, you’re bombarded constantly with headlines about the stock market. If there’s one piece of economic or financial news that’s reliably covered every day, every hour, every minute, every nanosecond, it’s the Dow Jones Industrial Average DJIA, -0.87% . It’s the most reported number in the world.

The thing is, it’s not at all unusual for the stock market to go up. Over the past 25 years, the Dow has risen in 187 of past 300 months. That’s 62% of the time.

And it’s not unusual for the economy to get bigger. It’s constantly growing, so the number of people at work is usually at a record level. The gross domestic product is almost always at a new high.

Also read: U.S. adds 220,000 jobs in June

Trump gets this right: The economy and the markets are doing OK. But he’s wrong to think their performance since he became president is spectacular; it’s just business as usual.

Of course, it’s ridiculous to give the president — any president —- very much credit or blame for the performance of the economy, especially over the short period that Trump has been in office. He hasn’t enacted any policies that would already be making a major difference. Even his unilateral executive orders to end some regulations haven’t had time to work.

Trump has had a psychological impact on investors, consumers and business leaders. In the early days after his election, there was a lot of enthusiasm that he would boost the economy by cutting taxes, cutting red tape, building infrastructure, and improving the trade deficit. But then reality has set in, and expectations have become more realistic, especially about the improbability of getting a lot done quickly.

Whether Trump deserves the credit or not, let’s take a look at how the economy has actually been doing since he took office. Or, as Kai Ryssdal says every single day on Marketplace, “let’s do the numbers.” The comparison is to the last four years of Barack Obama’s presidency — long enough to establish a trend but free of distortions tied to the Great Recession.

Also read:The Trump Scoreboad

Payrolls: Job growth has been slowing for two years as the economy gets closer to full employment. In the first five months of Trump’s presidency, job growth averaged 173,000 a month, compared with 214,000 in Obama’s final four years. Trump’s grade: Below trend.

Read:Amazon is going to kill more American jobs than China did

Incomes: Incomes have spiked higher since Trump took the oath. Wages are growing a little faster, and a special one-time dividend from Costco COST, -0.86% boosted incomes in May. In the first four months of Trump’s presidency, real disposable incomes rose at a 4.4% annual pace, compared with a 2.7% annual rise in Obama’s last four years. Trump’s grade: Above trend.

Consumer spending: After slumping over the winter, consumer spending has bounced back. In the first four months of Trump’s term, real spending has risen at a 2.7% annual rate, the same as the 2.7% annual growth in Obama’s last four years. Trump’s grade: Trend.

Business revenue: Trump said he would run a pro-business administration, but real sales at U.S. businesses tumbled in the first few months of the year. In the first three months of Trump’s term, sales dropped at a 0.6% annual rate, compared with a 2.7% increase in the last four years of Obama’s administration. Trump’s grade: Below trend.

Manufacturing output: Trump boasted that he would restore American manufacturing might, but there’s been only a minor renaissance so far. Manufacturing output rose at a 0.9% annual rate in the first four months of his term, compared with a 0.6% average in Obama’s last four years. Trump’s grade: Above trend.

Car and truck sales: The auto industry is an exception to the small revival in manufacturing. Car and truck production has fallen at a 5.6% annual rate in the first four months of Trump’s term. Car and truck sales are down 14% annualized so far under Trump, compared with a 3.4% annual gain in Obama’s last four years in office. Trump’s grade: Below trend.

Read:Car maker woes mount, threatening jobs and Trump ‘manufacturing renaissance’

Home building: New construction of new homes have slumped badly, falling at a 31% annual pace in the first four months of Trump’s term compared with an 8.6% annual increase in the last four years of Obama’s time in office. Trump’s grade: Below trend.

The market: The Dow has risen about 7.8% in the 5½ months since Trump’s inauguration, compared with a 10% annual increase in Obama’s last four years. Trump’s grade: Above trend.

Economic growth: The economy has been stuck in a low gear with 2% growth since the expansion kicked in. That hasn’t changed under Trump. Gross domestic product grew at a 1.4% annual pace in the first quarter, and it’s expected to be reported at about 3% for the second quarter. Average the two and you get 2.2% for the first half. Exactly the same growth rate achieved in Obama’s final four years. Trump’s grade: Trend.

Read:What 10 million simulations tell us about President Trump’s chances of achieving 3% economic growth

Trump likes to claim credit for “the great” economy, but it isn’t all that great. It doesn’t look all that different than under Obama’s second term.

Of course, it’s still early days, and Trump’s policies could have an impact over the longer haul.

The real judgment will come from how voters feel about their economic situation when they head to the polls next year and in 2020. People know in their gut whether they and their children have the opportunity to prosper, or whether they are still being marginalized economically.