Trump fires commissioner of labor statistics after weaker-than-expected jobs figures slam markets
Prior to Friday's report, Trump repeatedly has championed the strength of the labor market. After the June numbers had been released initially, the White House put out a statement calling it a "June Boom."
The weak jobs report Friday preceded a sharp drop in markets, with the Dow Jones Industrial Average off more than 500 points and the tech-focused Nasdaq off more than 2%. Treasury yields also slumped.
"I can't believe what I just saw," said Peter Mallouk, president and chief investment officer of Creative Planning. Trump's social media post seemed like a parody or satire at first, Mallouk said.
"This is not healthy," he added. "We can't have a set of numbers come out and fire somebody that served under numerous administrations in various roles because you don't like the numbers."
Along with his tirade against McEntarfer and the BLS, Trump for at least the third time Friday tore into the Fed's Powell, who has advocated that the central bank not lower interest rates until it has a better idea of how the president's tariffs will impact inflation.
"The Economy is BOOMING under 'TRUMP' despite a Fed that also plays games, this time with Interest Rates, where they lowered them twice, and substantially, just before the Presidential Election, I assume in the hopes of getting 'Kamala' elected – How did that work out?" Trump wrote. "Jerome 'Too Late' Powell should also be put 'out to pasture.'"
The Federal Open Market Committee, the central bank's monetary policy arm, on Wednesday voted to keep its benchmark interest rate steady, where it has been since December. However, following the weak jobs report, futures markets priced in a strong possibility the Fed will cut in September.
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