President Donald Trump downplayed the upcoming U.S. jobs report, suggesting the true economic figures would be apparent in a year. This statement follows Trump’s removal of the Bureau of Labor Statistics commissioner, Erika McEntarfer, after he disputed previous reports. While the August report is anticipated, economists offer differing projections, with some forecasting a slowdown in job growth. These actions have sparked concerns about the politicization of economic data and its trustworthiness.
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In August, U.S. private sector hiring saw a smaller-than-expected increase, with only 54,000 jobs added, a significant drop from the previous month. This slowdown was attributed to factors such as consumer worries, labor shortages, and AI-related disruptions, particularly impacting trade, transportation, utilities, and education/health services. The leisure and hospitality industry showed gains, but overall, the ADP report contributes to an already concerning labor market picture, further evidenced by rising jobless claims and a decline in job openings. Consequently, market observers are now more convinced that the Federal Reserve will cut rates at its upcoming meeting.
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E.J. Antoni, Donald Trump’s nominee for BLS commissioner, has proposed suspending the monthly jobs report, advocating for the use of quarterly data instead. Antoni, previously the Heritage Foundation’s chief economist, cited concerns about the accuracy of the monthly figures, arguing that a lack of confidence in the data could have serious consequences for businesses and policymakers. This proposal follows Trump’s dismissal of the previous BLS commissioner and claims that the July jobs report was inaccurate due to revisions in employment figures. The July report was criticized for revisions that indicated significant downsizing in the market, potentially signaling an impending recession.
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Trump’s BLS nominee suggests suspending jobs report, and the implications are pretty striking. The idea, apparently, is to simply stop reporting the jobs numbers altogether. It’s like a magician making a problem disappear, but instead of a rabbit, you get… well, the truth. The basic logic seems to be: if you don’t test for COVID, there’s no more COVID; likewise, if you stop publishing job reports, there are no more job losses. Simple, right?
The potential motivation behind this move is pretty clear: to obscure the reality of the economic situation. Some see it as a way to cover up the administration’s failures, much like a shell game.… Continue reading
The article compares President Trump’s response to disappointing jobs reports to smashing a bathroom scale in an attempt to obscure weight gain. After revised estimates showed a significant downturn in job growth, Trump responded by attempting to intimidate the Bureau of Labor Statistics, which the author argues is a futile gesture. While this tactic might briefly fool some voters, the author asserts that voters will ultimately rely on their personal economic experiences, rendering manipulated statistics ineffective. The article concludes by emphasizing the importance of reliable economic data for market activity, social science, and sound economic policy, suggesting that Trump should instead focus on correcting course.
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Following the release of a weak jobs report, former President Donald Trump fired Bureau of Labor Statistics (BLS) Commissioner Erika McEntarfer, appointed by Joe Biden, accusing her of fabricating statistics. The July report showed only 73,000 jobs added to the U.S. economy, prompting Trump to claim the numbers were rigged. This decision has drawn sharp criticism from numerous Republican senators and economists, who have condemned Trump’s actions, citing concerns about the politicization of economic data and the undermining of the BLS’s integrity. Several prominent voices from within the Republican party have criticized the decision, stating that the numbers should be objective.
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Before the official release of the latest jobs data, the former president took to social media to criticize the Federal Reserve chair and hint at unfavorable job numbers. The subsequent release confirmed a significant slowdown in job growth. In response, the former president fired the head of the Bureau of Labor Statistics, baselessly accusing her of political bias and manipulating the data. This action is viewed as an authoritarian attempt to control the narrative and undermine the credibility of government data, potentially leading to a loss of confidence in U.S. employment statistics.
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Former President Donald Trump has called for the firing of the Bureau of Labor Statistics commissioner, Erika McEntarfer, after a jobs report showed a smaller-than-expected increase. Trump accused McEntarfer of manipulating economic data to hurt him politically, echoing claims of a rigged Federal Reserve. Economists have expressed serious concerns, warning that Trump’s actions undermine the credibility of government data, potentially leading to economic instability and damaging the U.S.’s reputation. Democratic politicians have condemned Trump’s actions, accusing him of attempting to hide the truth of his failed policies.
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The jobs report triggered a significant surge in bond prices, hinting at a potential Federal Reserve rate cut in September. The nonfarm payrolls for July fell short of expectations, with downward revisions to May and June’s figures. The 2-year note yield plummeted, while the 10-year and 30-year Treasury note yields also declined. Further contributing to the market’s reaction, Federal Reserve Governor Adriana Kugler announced her resignation, and President Trump updated tariff rates.
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Former President Donald Trump has terminated Dr. Erika McEntarfer, the Commissioner of Labor Statistics, following the revision of July’s job numbers which showed a lower-than-expected increase. Trump cited concerns of political manipulation, particularly referencing the Bureau of Labor Statistics’ prior revisions and suggesting an attempt to influence the election. In a Truth Social post, Trump stated the economy is “BOOMING under ‘TRUMP’.” Democratic Senators Amy Klobuchar and Elizabeth Warren have criticized the firing, with Senator Klobuchar stating, “Kill the messenger.”
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John Q. Hosedrinker 
Matt Underwood