Trump fires commissioner of labor statistics after weaker-than-expected jobs figures slam markets
On Friday, President Donald Trump fired at the Commissioner of the Working Statistics Bureau hours hours after the agency reported that business growth in the United States almost slowed down on a head.
In a real social article that manages even more fire in the FED President Jerome Powell, Trump accused BLS commissioner Erika Mcentarfer of being a political assignment that manipulates business data.
“Only the” job numbers of our country “, Kamala’s Kamala [Harris’] The chance of victory, “Trump wrote.
“We need the right job numbers. I immediately directed my team to ignite this political assignment. It will be changed with someone more competent and qualified.”
CNBC reached BLS for comment. NBC News confirmed that Mcentarfer was fired.
The striking demand arrived the day BLS reported only 73,000 non -agricultural business earnings below market expectations in July. In addition, the Bureau sharply revised the previous two months, combining 258,000 out of the previous issues and reduced the three -month growth rate to 35,000.
Trump and Congress Republicans have repeatedly criticized the BLS for years to collect data. In particular, great revisions have been a target.
In this year’s expenditure plan, Trump proposed a 8% decrease in the personnel in the Bureau and asked questions about employment, consumer prices and many other economic metric integrity. The Bureau had to apply an increasing amount of estimated data to a number of reports.
Dr. Erika Mcentarfer, Working Statistics Commissioner
Source: Working Office
“Such important numbers should be fair and accurate, they cannot be manipulated for political purposes.” “Mcentarfer said that only 73,000 jobs have been added (a shock!), But more importantly, a big mistake by them said that 258,000 work was done in the previous two months. The first part of the year was always negative things.”
The weak job report came before a sharp drop in the markets on Friday, the Dow Jones industrial average is more than 500 points and technology -oriented NASDAQ more than 2%. Treasury returns collapsed.
Creative Planning President and Investment President Peter Mallouk, “I can not believe what I have just seen,” he said. Mallouk said Trump’s social media post looks like a parody or sacrifice at first.
“This is not healthy,” he added. He continued: “We cannot come out of a series of numbers and we cannot fire someone who serves under many administrations in various roles, because you do not like the numbers.”
Together with Mcentarfer and Tirad against Bls, Trump on Friday, at least for the third time, entered the Federal Reserve President Jerome Powell, who argued that he did not reduce interest rates until he had a better idea of how the President of the President of the Central Bank would affect inflation.
“The economy assumes that this time with interest rates, they have dropped them twice and largely before the Presidential elections, ‘Kamala’ – how did this work?” Trump wrote. “Jerome ‘too late’ Powell da ‘must be removed to the pasture.’ ‘
The Federal Open Market Committee has voted to keep the comparison interest rate constant on Wednesday, the Central Bank’s monetary policy branch on Wednesday. However, after the weak Works Report, the futures markets were probably prosperously priced that the FED would be cut in September.
