Sanofi CEO Paul Hudson on Q2 results, Dupixent demand and tariff impact
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CNBC
10 hours ago
- CNBC
Trump contorts timeline of jobs report revisions in effort to justify firing BLS chief
President Donald Trump has tried to justify firing former Bureau of Labor Statistics Commissioner Erika McEntarfer by claiming that her agency's gold standard employment reports were "rigged" in order to harm him politically. Trump has provided no evidence to support his allegation. Nonetheless, he has repeatedly claimed that the BLS issued "phony" strong-looking jobs numbers during the last year of the Biden administration, only to revise them sharply downward right after the 2024 presidential election. "Just days before the [Nov. 5 presidential] election, they put out numbers that it was like the country was on fire," Trump claimed Tuesday morning on CNBC's "Squawk Box." "And then they did a revision about two weeks later, and the revision was down by almost 900,000 jobs," he alleged. When a host pushed back, Trump doubled down, claiming "the numbers were rigged." "They announced these phenomenal numbers the two days before the election and a little bit before that, always these great numbers ... But after I won the election, then they announced a downward number, in other words, to bring it back to reality," Trump said. But Trump's account of how the jobs report revisions were issued in 2024 is wrong. And the true timeline undermines his claims. It's true that the BLS issued a large revision to its jobs tally last year: The agency revealed that the U.S. economy added 818,000 fewer jobs than originally reported for the year ended March 2024. But that revision did not come after the election, as Trump suggested Tuesday morning. Rather, it was issued in August 2024 — more than two months before the election, and after then-Vice President Kamala Harris had taken the reins as the Democratic nominee. Trump pounced on the figure at the time. "New Data from the Bureau of Labor Statistics shows that the Administration PADDED THE NUMBERS with an extra 818,000 Jobs that DO NOT EXIST, AND NEVER DID," he claimed in an Aug. 21 post on Truth Social. The figure came in the BLS' preliminary annual benchmark revision, when its employment estimates derived from surveys are calibrated against state unemployment insurance tax records. The final benchmark released in February, months after the election, revised hiring down by 598,000 — lower than the preliminary figure from August. Trump is also wrong to claim that the BLS issued "phenomenal numbers" just before the 2024 election. In fact, the final jobs report before the election revealed a sharp slowdown in October hiring, after a surge the previous month. That Nov. 1 report — less than a week before Election Day — showed just 12,000 workers had been added to U.S. nonfarm payrolls in October. At the time, it was the smallest monthly job gain in nearly four years, and it fell well below experts' already-low expectations. As soon as the Nov. 1 report was released, it was immediately weaponized for political purposes — by Trump, who used the data to bash Harris. "Today's jobs report is a great embarrassment for our Nation. Kamala has lied for years about their pathetic job growth, which has never been real," Trump wrote on Truth Social Nov. 1. "America is a Nation in Decline because Sleepy Joe, and Lyin' Kamala, didn't do their job." The BLS would later revise that weak jobs figure upward — but not until after Trump had won the election. Moreover, the sharp decline in October's initial report is now understood to have been driven by several factors outside of anyone's control. Major labor strikes at Boeing and at U.S. ports had the short-term effect of removing thousands of workers from payrolls in October. Hurricanes in the Southeast also impacted that initial report by closing roads and businesses, making it more difficult to collect accurate data. The White House did not respond to CNBC's request for comment or further explanation of Trump's remarks. A Labor Department official, in comments provided by the White House, criticized McEntarfer's leadership, saying that she waited too long to inform the department about data-collection challenges at the BLS. But these are not the critiques Trump has made himself. Instead, Trump announced McEntarfer's firing in a Friday afternoon social media post that accused her of having "faked the Jobs Numbers before the Election to try and boost Kamala's chances of Victory." CNBC has reached out to McEntarfer for comment. "I have directed my Team to fire this Biden Political Appointee, IMMEDIATELY," Trump wrote. "Important numbers like this must be fair and accurate, they can't be manipulated for political purposes." The post came hours after the initial jobs report for the month of July showed weaker-than-expected growth. The BLS in that report also issued two revisions to initial reports from previous months. Both of them revised the jobs numbers sharply downward, shaving a combined total of 258,000 jobs off the year's tally. The downward revisions and the missed expectations for July spurred a sharp decline in financial markets. By Friday's close, the Dow Jones Industrial Average had fallen more than 500 points. The move to fire McEntarfer drew widespread criticism over fears that government employment data, which is relied upon to gauge the health of the U.S. economy and make major policy decisions, will become politicized and untrustworthy. Experts also say that even if a BLS commissioner wanted to manipulate monthly jobs report data, it would be impossible given how the data is collected, analyzed and released to the public. The White House has defended Trump's decision, with National Economic Council Director Kevin Hassett saying on NBC News that the job revisions "are hard evidence" in support of the president's claims. Trump said he plans to announce McEntarfer's replacement in the coming days.
Yahoo
15 hours ago
- Yahoo
Novavax Ups Outlook, Eyes Stronger Nuvaxovid Sales
On Wednesday, Novavax Inc. (NASDAQ:NVAX) reported second-quarter 2025 sales of $239.24 million, compared to $415 million a year ago, beating the consensus of $156.29 million. The company completed the transition of Nuvaxovid commercial leadership in the U.S. to Sanofi SA (NASDAQ:SNY) for the 2025-2026 COVID-19 vaccination season. Licensing, royalties, and other revenue of $229 million in the second quarter of 2025 includes a $175 million milestone earned related to the Nuvaxovid BLA of sales for the second quarter of 2025 was $15 million, compared to $46 million a year ago. R&D expenses were $79 million, compared to $107 million a year ago, primarily due to reductions in overall expenditures related to COVID-19 vaccine development and the elimination of the related commercial manufacturing network infrastructure. The COVID-19 vaccine maker reported an earnings per share of 62 cents, down from 99 cents a year ago. Net income for the second quarter of 2025 was $107 million, compared to net income of $162 million in the same period in 2024. Cash, cash equivalents, marketable securities and restricted cash were $628 million as of June 30, 2025, compared to $938 million as of December 31, 2024. View more earnings on NVAX Receipt of the $175 million milestone earned in the second quarter of 2025 related to the Nuvaxovid BLA approval is expected in the third quarter of 2025. Outlook Novavax raises fiscal year 2025 sales guidance from $975 million-$1.025 billion to $1 billion-$1.05 billion versus the Wall Street estimate of $1.039 billion. Nuvaxovid product sales for 2025 are expected to be $610 million, and adjusted supply sales of $25-$40 million compared to prior expectation of $20 million- $35 million. On Tuesday, the U.S. Department of Health and Human Services (HHS) said it will cancel 22 vaccine development projects totaling $500 million, marking a major policy shift under Secretary Robert F. Kennedy Jr. In a press release on Tuesday, the agency said it would wind down its mRNA vaccine development activities under the Biomedical Advanced Research and Development Authority (BARDA). During the earnings conference call, Novavax said the company continues to work with BARDA on potential funding for the pandemic influenza vaccine candidate. In June, Novavax released results from the initial cohort of its COVID-19-Influenza Combination (CIC) and standalone trivalent hemagglutinin nanoparticle seasonal influenza (tNIV) Phase 3 trial. The study showed that the CIC and flu vaccine candidates induced immune responses similar to those of licensed comparators, Nuvaxovid and Sanofi's Fluzone HD, respectively. Price Action: NVAX stock is trading higher by 19.5% to $8.042 at last check Wednesday. Read Next:Photo via Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? NOVAVAX (NVAX): Free Stock Analysis Report This article Novavax Ups Outlook, Eyes Stronger Nuvaxovid Sales originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
UPI
15 hours ago
- UPI
Trump creates new tariff on imports from India, bringing total to 50%
U.S. President Donald Trump announced Wednesday that the United States will impose a 50% tariff on goods imported from India. Photo by Samuel Corum/UPI | License Photo Aug. 6 (UPI) -- President Donald Trump on Wednesday raised tariffs on goods imported from India to 50% in response to the country's continued purchase of Russian oil. "I find that the Government of India is currently directly or indirectly importing Russian Federation oil," President Donald Trump said in an executive order. "Accordingly, and as consistent with applicable law, articles of India imported into the customs territory of the United States shall be subject to an additional ad valorem rate of duty of 25%," the executive order said. This adds to the previous 25% tariffs set to take effect Thursday. The new tax will begin in 21 days. The India tariff is now one of the highest on all of the United States' trading partners, and it's the latest sign that Trump is honoring his threat on countries that buy oil from Russia. The tariff is meant to put pressure on Russian President Vladimir Putin to encourage him to work toward a peace agreement with Ukraine. On Tuesday, Trump said he would raise the tariff on India "very substantially over the next 24 hours, because they're buying Russian oil, they're fueling the war machine." "And if they're going to do that, then I'm not going to be happy," Trump said on CNBC's Squawk Box. In response to Trump's Monday threat, India accused the United States, and the European Union, of hypocrisy, saying they began importing from Russia "because traditional supplies were diverted to Europe after the outbreak of the conflict." "India's imports are meant to ensure predictable and affordable energy costs to the Indian consumer. They are a necessity compelled by global market situation," India's foreign ministry said in a statement. "However, it is revealing that the very nations criticizing India are themselves indulging in trade with Russia. Unlike our case, such trade is not even a vital national compulsion." It said the targeting of India was "unjustified and unreasonable." "Like any major economy, India will take all necessary measures to safeguard its national interests and economic security." Trump has long seen tariffs as a tool to right trade deficits and as a bargaining tool. He has also started to use it as a punitive measure to retaliate against countries for taking actions he disagrees with.
