(AP) Trump says he doesn’t trust the jobs data, but Wall Street and economists do

[Slartibartfast]

Trump says he doesn't trust the jobs data, but Wall Street and economists do

The monthly jobs report is already closely-watched on Wall Street and in Washington but has taken on a new importance after President Donald Trump on Friday fired the official who oversees it.

apnews.com

The monthly jobs report is already closely-watched on Wall Street and in Washington but has taken on a new importance after President Donald Trump on Friday fired the official who oversees it.

Trump claimed that June’s employment figures were “RIGGED” to make him and other Republicans “look bad,” yet he provided no evidence. The firing of Erika McEntarfer, the commissioner of the Bureau of Labor Statistics appointed by former President Joe Biden, followed Friday’s jobs report that showed hiring was weak in July and had come to nearly a standstill in May and June, right after Trump rolled out sweeping tariffs.

Economists and Wall Street investors have long considered the job figures reliable, with share prices and bond yields often reacting sharply when they are released. Yet Friday’s revisions were unusually large — the largest, outside of a recession, in five decades. And the surveys used to compile the report are facing challenges from declining response rates.

Nonetheless, that hasn’t led most economists to doubt them.

Heather Boushey, a top economic adviser in the Biden White House, noted that without Trump’s firing of McEntarfer, there would be more focus on last week’s data, which points to a slowing economy.

Economists and business leaders know that the economy is slowing and will act accordingly, no matter how Trump rearranges the deck chairs on The Titanic.

 

[multivita-man]

Trump/MAGA is presiding of the CCP-ification of the United States. They're building a surveillance state. They're using federal troops as an arm of law enforcement. And now they're bullshitting with their data in the hopes that investors just won't care. And you know what? They investors probably won't care -- at first. Investors will likely just adapt and learn to rely on other available metrics, such as the earnings reports that companies produce each quarter, ADP numbers, and so forth. The data coming from the private sector will matter more than the public data. The bigger question is whether the MAGA party will enforce the law when companies start bullshitting with their private data to keep investors coming, and the answer is likely, no.

And that is how the biggest financial crisis of all time will likely get started. In 2007-8 we learned what too big to fail meant. When the next financial crisis hits, we're going to learn the meaning of the phrase too big to save. Our economy will be completely insolvent, and our government won't have the financial or human capital to save it from total collapse. I'd start building a healthy supply of canned foods and bottled water, enough to last a year, and hope that that would be enough time for us to sort out the mess.

 

[ataraxia]

Golden Age of America. Starts. Now.

On day one.

Haha. Hard to believe people fall for this $hit (that is, when they are not too busy chasing after cat eating Haitians, cancer causing wind turbines, secret Kenyan birth certificates, etc…).

 

[NOLA Dude]

Trump says he doesn't trust the jobs data, but Wall Street and economists do

The monthly jobs report is already closely-watched on Wall Street and in Washington but has taken on a new importance after President Donald Trump on Friday fired the official who oversees it.

apnews.com

Economists and business leaders know that the economy is slowing and will act accordingly, no matter how Trump rearranges the deck chairs on The Titanic.

The same economists that said tariffs wouldn't work?

Who could trust data thats never accurate or consistent?

 

[Blue Dog]

Not sure why Trump is complaining. He wanted the economy thrown into turmoil….

 

[NuffSaid]

The same economists that said tariffs wouldn't work?

Who could trust data thats never accurate or consistent?

Next month when Trump's new number fudger claims that the economy added 3 million jobs in August, you'll jump in clapping like a seal. YAY! Trump is the best!!

 

[Slartibartfast]

The same economists that said tariffs wouldn't work?

Who could trust data thats never accurate or consistent?

... while we are hitting a wall with job gains at the same time that tariffs started being enacted ...

 

[The Brad Dad]

Trump/MAGA is presiding of the CCP-ification of the United States. They're building a surveillance state. They're using federal troops as an arm of law enforcement. And now they're bullshitting with their data in the hopes that investors just won't care. And you know what? They investors probably won't care -- at first. Investors will likely just adapt and learn to rely on other available metrics, such as the earnings reports that companies produce each quarter, ADP numbers, and so forth. The data coming from the private sector will matter more than the public data. The bigger question is whether the MAGA party will enforce the law when companies start bullshitting with their private data to keep investors coming, and the answer is likely, no.

And that is how the biggest financial crisis of all time will likely get started. In 2007-8 we learned what too big to fail meant. When the next financial crisis hits, we're going to learn the meaning of the phrase too big to save. Our economy will be completely insolvent, and our government won't have the financial or human capital to save it from total collapse. I'd start building a healthy supply of canned foods and bottled water, enough to last a year, and hope that that would be enough time for us to sort out the mess.

This all day. I gotta hear about Mamdani in NYC as the FACE OF THE DEMOCRATIC PARTY but the actual sitting potus is running us like the old Soviet Union and crickets. Don't babble about free markets at me when Trump and buddies are rigging the game without even trying to be subtle about it.

 

[ataraxia]

The same economists that said tariffs wouldn't work?

Who could trust data thats never accurate or consistent?

The tariffs were an own goal.

“The tariffs reduce US annual GDP by 0.36%. This equates to US$108.2 billion or $861 per household per year (all amounts in this article are in US dollars).

The change in US GDP is an aggregate of impacts involving several factors.

The tariffs will compel foreign producers to lower their prices. But these price decreases only partially offset the cost of the tariffs, so US consumers pay higher prices.

Businesses also pay more for parts and materials. Ultimately, these higher prices hurt the US economy.

The tariffs decrease US merchandise imports by $486.7 billion. But as they drive up the cost of US supply chains and shift more workers and resources into industries that compete with imports, away from other parts of the economy, they also decrease US merchandise exports by $451.1 billion.”

New Trump tariffs: early modelling shows most economies lose – the US more than many

The latest round of tariffs will reduce GDP in most countries. As the effects flow through, the global economy may be in for a rocky ride.

theconversation.com

 

[Lycanthrope]

Trump's a ****ing idiot.

 

[W_Heisenberg]

The same economists that said tariffs wouldn't work?

Who could trust data thats never accurate or consistent?

What are you talking about?

They are not working unless you consider “working” to be a successful increase in taxes.

 

[Peacenik]

If it made him look good he would trust it.