Posted on 08/02/2025 10:48:30 AM PDT by E. Pluribus Unum
Summary
WASHINGTON/NEW YORK, Aug 1 (Reuters) - President Donald Trump on Friday fired a top Labor Department official on the heels of a market-shocking weak scorecard of the U.S. job market, accusing her without evidence of manipulating the figures and adding to already growing concerns about the quality of economic data published by the federal government.
In a second surprise economic policy development, the door for Trump to make an imprint on a Federal Reserve with which he clashes almost daily for not lowering interest rates opened much earlier than anticipated when Fed Governor Adriana Kugler unexpectedly announced her resignation on Friday afternoon.
The two developments further rattled a stock market already reeling from his latest barrage of tariff announcements and the weak jobs data. The benchmark S&P 500 Index
The two developments further rattled a stock market already reeling from his latest barrage of tariff announcements and the weak jobs data. The benchmark S&P 500 Index (.SPX), opens new tab sank 1.6% in its largest daily drop in more than two months.
Trump accused Erika McEntarfer, appointed by former President Joe Biden, of faking the jobs numbers. There is no evidence to back Trump's claims of data manipulation by the Bureau of Labor Statistics, the statistical agency that compiles the closely watched employment report as well as consumer and producer price data.
A representative for the BLS did not respond to a request for comment.
Friday began with BLS reporting the U.S. economy created only 73,000 jobs in July, but more stunning were net downward revisions...
(Excerpt) Read more at reuters.com ...
Head on over to the Bloomberg Economic Calendar.
The non farm payrolls came in at 73K, with expected 106K. This is not a ginormous miss. The back month revisions are ugly, but this report is not a huge miss from Wall Street expectation. I have seen errors of over 100K before on this.
Participation rate within 0.1% of expected. And unemployment at 4.2% was exactly what Wall Street expected, up 0.1% from last month.
Wall Street hyped this because the Thursday PCE says inflation has turned upwards and while that is so, the Fed won’t cut. Nor should it, actually. The Fed’s inflation target is 2% and current measures are 50% higher than that at about 2.8-9% core. But Wall Street wants a cut, and inflation, or stocks will fall.
If Reuters were a print newspaper it would help us by being spread on the kitchen floor as a place to train puppies to go outside.
As it is, it’s worth less than the puppy droppings.
IF EVERYONE THINKS THE WEEKLY LABOR/JOBS REPORTS ARE SO DAMNED ACCURATE-—
THEN, PLEASE TELL ME WHY THEY ARE MASSIVELY CHANGED A SHORT TIME LATER.
I HAVE DONE ACCOUNTING & BOOKKEEPING ALL OF MY LIFE -—AGE 17 to NOW-—age 85.
I COULD NEVER HAVE TURNED IN A FINANCIAL REPORT OR PAYROLL REPORT OR BANK RECONCILIATION-—AND THEN MAKE “CHANGES” A WEEK OR SO MORE LATER.
NEVER EVER
AND I WAS NEVER PAID THE KIND OF MONEY THESE PEOPLE ARE MAKING
The FED's inflation target is nothing more than them stating their desired rate of theft. By normalizing it thru repetitions ad nauseum, the public thinks all is well if "inflation" is at or near 2.
Macro inflation is an indicator of increases in the money supply, thru which bankers (aka banksters), especially those in charge of the FED, Federal Board of Governors, FOMC and FAC, and other nameless FED stockholders can skim off our wealth.
If Israel is so evil why do residents of Gaza get care in Israel's hospitals today. This includes the innocent, the not innocent and most importantly the children.
In WWII we were not encumbered with the admiral morality of Israel today. We went total war. We burned cities to the ground. We destroyed dams (the Britts) and unleashed floods, we burnt Tokay to the ground with incendiaries and other cities. We nuked Japan twice and they then surrendered. Total war works and is an obscene thing but it works. A nation capable of total war and willing to do such and the enemy knows this, will not have to go to war. They fear you.
Never forget to mention that there is no evidence. Even if there is evidence.
CAPS LOCK
“No evidence to back Trump’s claims“
Sure there is. She’s a demonrat a stinking lying demonrat.
Good enough for me. Guilty!
Computers do not practice double entry accounting.
I learned that many years ago from the CEO of a fairly large wholesale distribution company.
Spent 40 years with a couple of those companies.
The last job I had in the industry was running the web and print catalog and advertising department. I had the more access to the AS-400 than anyone outside the internal IT department. It did not relate to the financials, but it touched ever product in the 47,000 item inventory.
The CEO was right, he knew the the number were created by different methods depending on how the reports were used.
I got a glimpse of it when I was in Managerial Accounting in college. Long before PC’s.
And Statistics was another eye opener for me. That was a long way back. Graduated in 1970.
smile
She can’t even do basic math let alone statistics. She is incompetent as evidenced by her work product being in error ever since she was hired.
“numbers were rigged
No evidence to back Trump’s claims”
Misinformation. For my entire lifetime jobs and other statistics have always been rigged to favor the career prjeudice of one statistical method or a new, improved statistical method.
“How to Lie with Statistics” Best book of the 1950s.
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