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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July’s nonfarm payroll growth significantly underperformed expectations, with only 73,000 jobs added, a stark contrast to the anticipated 100,000. The unemployment rate also rose to 4.2%, while June and May’s job growth figures were sharply revised downwards, indicating a weakening labor market. The report prompted a market reaction, with stock futures and Treasury yields falling, leading economists to suggest potential Federal Reserve interest rate cuts in September. Job gains were largely concentrated in healthcare and social assistance, while other sectors experienced declines or minimal growth.
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During a live broadcast on Fox Business, Maria Bartiromo expressed visible shock upon receiving the ADP jobs report for June. Expectations were for a gain of 95,000 jobs, however, the report revealed a loss of 33,000 jobs in the private sector. This decline, marking the first monthly job loss in over two years, directly challenges the economic narrative promoted by the Trump administration. The job losses primarily occurred in business services, health, and education sectors, which could possibly be attributed to Trump’s policy decisions.
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John Q. Hosedrinker