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Trump Officials Struggle to Spin Firing of Jobs Report Messenger

Trump Officials Struggle to Spin Firing of Jobs Report Messenger

Yahoo2 days ago
President Donald Trump's acolytes are scrambling to rationalize his decision to fire the nation's top labor statistician after she delivered a bruising reality check.
Trump was confronted with a weak jobs report Friday showing just 73,000 new jobs for July—far fewer than expected—along with a staggering downward revision of 258,000 fewer jobs for May and June.
Trump dismissed the numbers as 'rigged' and 'phony' before firing Bureau of Labor Statistics (BLS) Commissioner Dr. Erika McEntarfer, who was confirmed in a bipartisan vote in 2024.
Trump administration officials spent Sunday casting the firing as a strategic decision to restore 'trust' rather than a rash reaction.
'I think what we need is a fresh set of eyes at the BLS, somebody who can clean this thing up,' National Economic Council Director Kevin Hassett said on Fox News Sunday.
Hassett, seen as a leading contender for Trump's next Federal Reserve Chair, argued that the massive revision means the BLS's numbers are 'unreliable.' He also suggested the revisions were timed to sabotage Trump.
U.S. Trade Representative Jamieson Greer struck a similar note in an interview on CBS' Face The Nation: 'You want to be able to have somewhat reliable numbers. There are always revisions, but sometimes you see these revisions go in really extreme ways.'
Trump was still raging about McEntarfer Sunday afternoon, baselessly accusing her of lifting numbers to help Kamala Harris in the 2024 election and readjusting them downward when he won instead.
'A SCAM!' Trump fumed on Truth Social. 'She did it again, with another massive 'correction,' and got FIRED! She had the biggest miscalculations in over 50 years.'
Three minutes later, he fired off another post lauding GOP Rep. Erin Houchin for 'discussing the Labor Statistics Scam' on Fox News. Houchin had blasted McEntarfer as a 'deep state bureaucrat' and claimed BLS data 'can be manipulated because it's based on surveys.'
Trump later reiterated to reporters, 'I mean the numbers were ridiculous, what she announced' and said he would announce McEntarfer's replacement in the next three to four days.
Both Houchin and Hassett stressed Trump's right to remove McEntarfer.
'I think Erika is a terrific person, but I think that it's time for someone to get in there and fix this, because these numbers are so crucial,' he said, adding that 'the data can't be propaganda. The data has to be something that you can trust.'
Hassett's point mimics what critics are saying as they accuse Trump of trying to undermine trust in the BLS because its data made him look bad.
Former BLS commissioner William Beach, whom Trump appointed in his first term, denounced McEntarfer's dismissal as 'damaging' and sought to debunk claims that the jobs report was politically motivated.
'I don't know that there's any grounds at all for this firing,' Beach said on CNN's State of the Union Sunday. 'Every year we've revised the numbers. When I was commissioner, we had a 500,000 job revision during President Trump's first term.'
Beach called on Trump to 'back off his rhetoric,' warning that undermining the credibility of the jobs report could backfire by causing widespread doubt about accurate data.
When reached for comment, White House spokeswoman Taylor Rogers told the Daily Beast, 'BLS data has been historically inaccurate and led by a totally incompetent individual. President Trump believes businesses, households, and policymakers deserve accurate data when making major policy decisions and he will restore America's trust in this key data.'
The weak jobs report, which also showed unemployment rising to 4.2 percent from 4.1 percent in June, along with rising inflation signal that Trump's global trade wars may be starting to weigh on the economy, despite his promise of an economic 'golden age.'
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Florida and Texas could see more Congressional seats if Trump census order moves forward
Florida and Texas could see more Congressional seats if Trump census order moves forward

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Florida and Texas could see more Congressional seats if Trump census order moves forward

President Donald Trump said on Aug. 7 that he wants his administration to run a new census, which usually only happens at the turn of the decade. States around the country are in a bit of a standoff over Congressional districts after the Texas legislature sought to redraw their maps to add more Republican seats, causing Democratic officials to flee the state to prevent a vote on the map. Democratic heavy-weight states like California and New York have said they are poised to counter with their own redistricting if Texas moves forward. "I have instructed our Department of Commerce to immediately begin work on a new and highly accurate CENSUS based on modern day facts and figures and, importantly, using the results and information gained from the Presidential Election of 2024," Trump said in the post. "People who are in our Country illegally WILL NOT BE COUNTED IN THE CENSUS." 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The survey results are also used to determine how much federal funding is distributed to states, and researchers widely cite the demographic research to understand the country. Florida and 5 other states undercounted in the 2020 Census A 2022 report from the U.S. Census Bureau found that 14 states had statistically significant differences between the bureau's count and the actual population. States that were undercounted were: Arkansas Florida Illinois Mississippi Tennessee Texas Florida gained one Congressional seat after the 2020 Census. By how much was Florida undercounted in the 2020 Census? In the 2020 Census, the bureau estimated it undercounted the population by 3.84%, the fourth most drastic undercount of all of the states. WUSF reported that about 750,000 residents went uncounted statewide. Plus, Florida has seen rapid population growth in recent years. Since 2020, Florida's population has grown by approximately 1.8 million from July 2020 to July 2024, an increase of 8.24%, according to the Census Bureau Vintage 2024 data. Florida moves to prep for redistricting following Trump's call Hans Von Spakovsky, a senior legal fellow for the conservative Heritage Foundation, believes maps should be redrawn more frequently. He said a mid-decade census could result in more congressional seats for Texas and Florida. Both are red states with rapidly increasing populations, and both were undercounted in the 2020 Census. Texas was undercounted by almost 550,000 in 2020 and added another 2 million people by 2024. By comparison, an average of 760,000 people live in each congressional district. Within hours of Trump's statement, Florida House Speaker Daniel Perez, a Republican, said he's setting up a new redistricting committee. Michael P. McDonald, a political science professor at the University of Florida, said the congressional maps are the fairest they've been in about 40 years because of redistricting reform efforts across the country to prevent unfairly drawn districts. He said that the congressional maps are already drawn in a way that there are more Republican-leaning districts than Democratic-leaning ones, despite the practice of including undocumented immigrants in the count. McDonald pointed to South Florida, where he said the current lines place right-leaning Cuban Americans with high voter turnout rates in the same districts as lower-propensity, Democratic-leaning Hispanic voters. If the maps were redrawn to not include undocumented immigrants, as Trump has suggested, he said there would likely be only two congressional seats in the area. "Who's going to be on that game of musical chairs?" he asked. Why would Trump want to conduct a new Census? 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Gold is Trading at Record High Levels—These Are The Key Price Levels to Watch
Gold is Trading at Record High Levels—These Are The Key Price Levels to Watch

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Gold is Trading at Record High Levels—These Are The Key Price Levels to Watch

Key Takeaways Gold prices have rallied over the past week and are near record-high levels after a wave of profit-taking in late July. Since a shooting star pattern marked gold's high in late April, the commodity has consolidated in an ascending triangle, a bullish chart formation that signals a potential continuation of the longer-term uptrend. Investors should watch key overhead areas on spot gold's chart around $3,435 and $3,735, while also monitoring major support levels near $3,245 and $3, (XAUUSD) prices have rallied over the past week and are near record-high levels after a wave of profit-taking in late July. Investors have bid up the precious metal amid uncertainty over the outlook for the U.S. economy and expectations that the Federal Reserve will cut interest rates in September, following July's weaker-than-expected employment report released last Friday. Gold tends to benefit from its reputation as a safe-haven asset during times of economic uncertainty, while lower rates also support the non-yielding asset. Reports that the U.S. will impose tariffs on imports of gold bars have also underpinned gains this week. The commodity has soared about 30% this year, boosted by concerns over the Trump administration's unpredictable trade policies—amid uncertainty about how tariffs will affect the economy—and ongoing tensions in the Middle East. Spot gold was trading at just under $3,400 per troy ounce recently. Below, we take a closer look at the spot gold price chart and use technical analysis to identify key levels that investors will likely be watching. Bullish Ascending Triangle Takes Shape Since a shooting star pattern marked gold's high in late April, the commodity has consolidated in an ascending triangle, a bullish chart formation that signals a potential continuation of the longer-term uptrend. More recently, the price has rallied from the triangle's lower trendline and reclaimed the respected 50-day moving average (MA), a move that has coincided with the relative strength index crossing back into bullish territory. Let's identify two key overhead areas to watch on gold's chart if the recent upward momentum continues and also point out major support levels worth monitoring during possible retracements. Key Overhead Areas to Watch The first overhead area to watch sits around $3,435. This location on the chart would likely provide significant resistance near four distinct peaks that form the ascending triangle's top trendline. Investors can forecast a bullish price target above gold's all-time high by using the measured move technique, a tool that analyzes chart patterns to project future price movements. When applying this analysis, we calculate the distance of the ascending triangle near its widest section and add that amount to the pattern's top trendline. For instance, we add $300 to $3,435, which projects a target of $3,735, about 10% above the commodity's current trading levels. Major Support Levels Worth Monitoring During retracements, investors should initially monitor how gold's price responds to the $3,245 level. The metal may find support in this area near a range of corresponding price action on the chart between April and June. Finally, a breakdown below the ascending triangle's lower trendline could see the commodity's price revisit lower support around $3,150. Investors may look to accumulate gold in this region near the April peak, which closely aligns with the completion of a pullback to the 50-day MA in mid-May. The comments, opinions, and analyses expressed on Investopedia are for informational purposes only. Read our warranty and liability disclaimer for more info. As of the date this article was written, the author does not own any of the above securities. Read the original article on Investopedia Sign in to access your portfolio

Airbnb Stock Just Went on Sale. Here's How to (Safely) Trade the Post-Earnings Dive with Options.
Airbnb Stock Just Went on Sale. Here's How to (Safely) Trade the Post-Earnings Dive with Options.

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Airbnb Stock Just Went on Sale. Here's How to (Safely) Trade the Post-Earnings Dive with Options.

We all likely remember the classic hit 'Who Let the Dogs Out?' When I saw the slide in Airbnb's (ABNB) stock price a day after its quarterly earnings release on Aug. 6, my first reaction was 'who let the air out?' This is the latest example of what today's stock market does during earnings season. It is unlike anything I've seen in my decades of investing. I'm a chartist, strategist, and above all, a risk manager, so the circus that is quarterly reporting from public companies is something I monitor, but go nowhere near. More News from Barchart Lyft Stock Isn't a Smooth Ride After Earnings, But This Low-Risk, High-Reward Trade Gives It Gas Strategic Arbitrage: Post-Earnings Drama Causes Dynatrace's (DT) Call Spreads to be Favorably Mispriced The Nasdaq-100 Is Showing Signs of Weakness. Here's How You Can Limit Your Losses If It Crashes. Tired of missing midday reversals? The FREE Barchart Brief newsletter keeps you in the know. Sign up now! If I'm trading a stock with earnings approaching, I'm either hedged or I've reduced my position. The best analogy I can use is that once I've been hit on the head dozens of times, I finally realize that creating distance between myself and whatever is hitting me is a good idea. As for ABNB, it has risen through the ranks to knock on the door of a $100 billion market capitalization. But the market had other ideas, sending shares down more than 8% on Aug. 7. Now, near 30x forward earnings and selling at well under 3x its earnings growth rate, this stock might be worth a look. Because after the market punishes a stock for missing earnings or issuing a lackluster forecast, it moves on to something else. And when that happens, there could be opportunity in what gets left behind. Charting ABNB: Some Home Repairs Needed I readily admit that some of my best collared positions in 2025 were stocks I truly did not care for. And that's the beauty of collars. Because with a stock like ABNB, you can see in the daily chart just below that it is capable of making investors giddy, and then stealing their candy just days later. Earlier this year, the stock popped 20% on earnings, then crashed 40% in a matter of weeks, along with the market. That tells me if I own ABNB at all, I better collar it. That daily chart above looks like a sick puppy to me. The percent price oscillator (PPO) is dropping fast, along with the price trend structure itself (top section of chart). The 20-day moving average did not immediately break after earnings, but it soon will. The weekly chart below is poised to go lower as well, if the PPO proves accurate. Remember that while technical analysis is in my opinion the best way to manage risk, risk can happen anywhere. How to Collar Airbnb Stock Ultimately, every investor is their own boss. So while ABNB is not a stock I'd put high on my buy list, that doesn't mean a collar approach doesn't fit. In fact, it fits well here. That's a fairly straightforward 2:1 shot above. The prices of the options will shift a lot with the stock, so be sure to 'mark to market' any time you do this type of analysis. Especially when a stock is being tossed around by traders. In this snapshot example, with the stock around $120, I could have set a $140-$115 range out to January 16, and it would have cost 3% of the stock price. That's $7.60 a share paid for the $115 strike puts and the $4.00 received in cash for those $140 calls. That produces a nice, albeit pedestrian 14% upside to 7% downside over that period. Sometimes the best figure to look at with a collar is the stock price itself. So getting the options aspect out of our heads for a moment, here's a stock that traded as high as $143 a share on July 28. Getting to $140 within 5 months or so is certainly within range. That's why sometimes, we just need to keep it simple: buy what you like, protect against the worst-case scenarios with options, and give it some time. Even when the market doesn't. On the date of publication, Rob Isbitts did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on

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