TC Energy reports $862 million second quarter profit
The Calgary-based pipeline producer says it had a net income of $862 million, or 83 cents per share in the quarter, up from $804 million or 78 cents per share last year.
Revenues totalled $3.74 billion, up from $3.33 billion last year.
The company says that despite volatility in commodity markets, the company is raising its expected earnings before certain deductions this year.
It says it now expects between $10.8 billion to $11 billion in comparable earnings before interest, taxes, depreciation and amortization, up by $100 million from its earlier guidance.
The company also increased its expected capital spending for the year to between $6.1 billion and $6.6 billion, a $600 million increase.
This report by The Canadian Press was first published July 31, 2025.
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National Post
8 minutes ago
- National Post
Dream Unlimited Corp. Reports Second Quarter Results & Advancement of Next Master-Planned Community
Article content This press release contains forward-looking information that is based upon assumptions and is subject to risks and uncertainties as indicated in the cautionary note contained within this press release. All amounts are in Canadian dollars. Article content TORONTO — Dream Unlimited Corp. (TSX: DRM) ('Dream', 'the Company' or 'we') today announced its financial results for the three and six months ended June 30, 2025 ('second quarter'). Article content 'Even with the uncertainty due to tariffs and housing policy, we have continued to make significant progress on our long-term business plan,' said Michael Cooper, Chief Responsible Officer. 'With our progress developing Alpine Park in Calgary and the commencement of two new communities, being the 1,100-acre Holmwood community in Saskatoon, as well as the 1,200-acre Coopertown community in Regina, we expect our Western Canada land business to be more profitable in the future relative to the past. In addition, the continued development of new income properties in Western Canada and the National Capital Region, along with the Distillery and other Toronto assets, has provided us with growing asset value and net operating income in this segment. With growth in our asset management business, all three major segments of the Company are advancing well. We continue to improve our public disclosures to provide a clearer understanding of our business with asset management, income properties and Western Canada representing more than 80% of our value. We provided net asset value for the business at our annual meeting, and the current results are in line with the value we disclosed. Overall, we are on track for another year of solid performance.' General Business Update Article content Our Western Canadian land and housing business completed its best year ever in 2024. This success has carried into 2025 as we position the division for future growth with the introduction of three new communities and the expansion of our multi-family developments. Article content Next quarter, we are breaking ground on the development of our 1,200-acre community in Regina which will provide us with growth opportunities in the city for many years. Coopertown is the first new community in Regina in nearly ten years and expected to welcome approximately 21,000 residents over its 20-year buildout. We also anticipate developing income properties in Regina, similar to what we have done in Saskatoon. Article content In Saskatoon, we are progressing on the sale of the school site in Holmwood which will accommodate 3,400 students. In addition, we have pre-sold 27-acres to a leading retail developer to start the commercial development in Holmwood. As a result, we will be able to progress our single family, multi-family, retail and commercial development simultaneously in the community. Article content In Calgary, our 200-acre expansion of Alpine Park is well underway with closings expected in 2025 and 2026, while we continue to make progress on sales for future periods. The introduction of Alpine Park has been very well received and with about 500 more acres to develop, the community is expected to be a significant profit contributor for many years. Article content We have commenced construction on our retail and first apartment in Alpine Park, as well as our fourth apartment building in Brighton (Saskatoon), another 100 townhouses and a further 40 single family residences. Our third apartment building being a 125-unit building in Brighton began occupancy at the beginning of June and we are already over 70% occupied in the first ten weeks of lease up. As a result, we have completed or have under construction, 660 apartment units, 220 townhouses and 140 single family units for a total of over 1,000 units in this newly created business line. Article content Our asset management business has grown by $2.5 billion over the past twelve months resulting in Dream having more private assets under management than public, which is exceptional growth since we started this division in 2020. We expect to see continued growth based on our current initiatives over the next few years. Article content Our third major segment, our income properties, continues to expand quickly as we complete buildings and progress in lease-up. While we have some erosion due to cap rate expansion in Ontario, our net operating income is growing in line with expectations, and we are pleased with the lease-up of new buildings recently. Article content While development in Toronto is challenging, we are making progress on our client's major projects and expect to commence development of 49 Ontario St. in 2025 and Quayside in 2026. Article content Consolidated Results Overview Article content In the second quarter the Company revised its segment presentation to better reflect how our business has grown and how we manage the various components. Accordingly, the comparative period presentation of segments has also been updated to conform to the new presentation. For segment details, refer to the financial statements and the management's discussion and analysis of the financial condition and results of operations of the Company for the three and six months ended June 30, 2025, dated August 12, 2025 (the 'MD&A for the second quarter of 2025'). Article content Losses before income taxes for the second quarter were $28.5 million, a decrease from the comparative period. Prior period results included significant earnings from two parcels of land sold in Edmonton, performance fees related to the Dream U.S. Industrial Fund and operational results from Arapahoe Basin, which was sold at the end of 2024. The Company's consolidated results include non-cash fair value adjustments relating to Dream Impact Trust and Dream Impact Fund units held by third parties, the magnitude of which differed in each reporting period. Earnings for the second quarter were generally in line with management's expectations as the majority of income from Western Canada development is weighted in the second half of the year. Article content As of June 30, 2025, we had available liquidity (1) of $345 million and $218 million of contractual debt maturities expected in 2025. Of this amount of debt, the majority is either in advanced lender discussions for extensions or expected to be rolled as part of the annual renewal process. We proactively work with our lenders to address upcoming maturities and work towards increasing liquidity over time to create flexibility to participate in discretionary investments as they arise and to withstand sudden adverse changes in economic conditions. Article content Results Highlights (Asset management, Western Canada development, Income properties): Article content In the second quarter, our asset management business generated revenue and net margin of $11.6 million and $6.9 million, respectively, compared to $27.5 million and $22.8 million in the comparative period. The comparative figures included performance fees of $15.7 million related to the Dream U.S. Industrial Fund, with no similar activity in the current period. Transactional and performance-related fees are expected to fluctuate period to period. Article content In the second quarter, we achieved 44 lot sales and 19 housing occupancies in Western Canada, generating net margin of $1.1 million, compared to $31.3 million in the comparative period. Prior year results included the sale of two parcels of land sold in Edmonton totalling 146 acres, generating revenue of $39.5 million and net margin of $28.1 million. Excluding these transactions, net margin for the division was relatively in line with prior year as lots sold in 2025 generated a higher margin due to the specific product mix sold. Article content We continue to make progress on our land pre-sales commitments. As of August 8, 2025, we have a total of $155.0 million in sales commitments to be recognized between 2025 and 2026 (in addition to the $21.2 million recognized in 2025 to date) and another $27.5 million from acre sales secured in 2027. Article content Our income properties generated revenue and net operating income of $12.2 million and $6.8 million, respectively, in 2025, up slightly from prior year. Growth in the segment was largely driven by the lease-up of our purpose-built rentals in Brighton (Saskatoon). Article content Other items: Article content Our other investments segment generated $14.8 million in revenue and $4.5 million of negative margin in the second quarter, compared to $41.2 million in revenue and $6.2 million of negative margin in the prior period. Fluctuations in revenue and net loss were largely driven by prior year results from Arapahoe Basin which was sold in the fourth quarter of 2024 and occupancies at IVY condominium and Phase 2 of Riverside Square with limited occupancies in 2025, in line with management's expectations. Included in this segment are platform costs associated with our Toronto and Ottawa development teams. Article content Dream has published a supplemental information package on our website concurrent with the release of our second quarter results. Article content Conference call Article content Senior management will host a conference call to discuss the financial results on Wednesday, August 13, 2025, at 10:00 AM (ET). To access the conference call, please dial 1-833-752-4596 (toll free) or 647-849-3316 (toll). To access the conference call via webcast, please go to Dream's website at and click on the link for News, then click on Events. A taped replay of the conference call and the webcast will be available for ninety (90) days following the call. Article content Other Information Article content Information appearing in this press release is a select summary of results. The financial statements and MD&A for the second quarter of 2025 for the Company are available at and on About Dream Unlimited Corp. Article content Dream is a leading real estate developer and has an established and successful asset management business, inclusive of $28 billion of assets under management* as at June 30, 2025 across four Toronto Stock Exchange ('TSX') listed trusts, our private asset management business and numerous partnerships. We develop land and housing in our master planned communities in Western Canada and hold a growing portfolio of income generating properties across Canada. Dream expects this area of our business to grow as investment properties under construction are completed and held for the long term. Dream has a proven track record for being innovative and for our ability to source, structure and execute on compelling investment opportunities. Article content In addition to using financial measures determined in accordance with International Financial Reporting Accounting Standards as issued by the International Accounting Standards Board ('IFRS Accounting Standards'), we believe that important measures of operating performance include certain financial measures that are not defined under IFRS Accounting Standards. Throughout this press release, there are references to certain non-GAAP financial measures and ratios and supplementary financial measures, including Dream Impact Trust and consolidation and fair value adjustments, available liquidity, net operating income and, standalone figures by division, which management believes are relevant in assessing the economics of the business of Dream. These performance and other measures are not financial measures under IFRS Accounting Standards, and may not be comparable to similar measures disclosed by other issuers. However, we believe that they are informative and provide further insight as supplementary measures of financial performance, financial position or cash flow, or our objectives and policies, as applicable. Certain additional disclosures such as the composition, usefulness and changes, as applicable, of the non-GAAP financial measures and ratios included in this press release have been incorporated by reference from the 'MD&A for the second quarter of 2025' and can be found under the section 'Non-GAAP Ratios and Financial Measures', subheadings 'Net operating income' and 'Dream Impact Trust and consolidation and fair value adjustments'. The composition of supplementary financial measures included in this press release has been incorporated by reference from the MD&A for the second quarter of 2025 and can be found under the section 'Supplementary and Other Financial Measures'. The MD&A for the second quarter of 2025 is available on SEDAR+ at under Dream's profile and on Dream's website at under the Investors section. Article content ' Dream Impact Trust and consolidation and fair value adjustments ' represent certain IFRS Accounting Standards adjustments required to reconcile Dream standalone and Dream Impact Trust results to the consolidated results as at June 30, 2025 and December 31, 2024 and for the three and six months ended June 30, 2025 and December 31, 2024. Management believes Dream Impact Trust and consolidation and fair value adjustments provides investors useful information in order to reconcile it to the Dream Impact Trust financial statements. Consolidation and fair value adjustments relate to business combination adjustments on acquisition of Dream Impact Trust on January 1, 2018 and related amortization, elimination of intercompany balances including the investment in Dream Impact Trust units, adjustments for co-owned projects, fair value adjustments to the Dream Impact Trust units held by other unitholders, and deferred income taxes. Article content ' Net operating income ' is a non-GAAP measure and represents revenue, less (i) direct operating costs and (ii) selling, marketing, depreciation and other indirect costs, but including: (iii) depreciation; and (iv) general and administrative expenses. The most directly comparable financial measure to net operating revenue is net margin. This non-GAAP measure is an important measure used by management to assess the profitability of the Company's income property segment. Net operating income for the income properties segment for the three and six months ended June 30, 2025 and 2024 is calculated and reconciled to net margin as follows: Article content 'Standalone Figures by Division' Article content is a non-GAAP measure and represents the results of Dream, excluding the impact of Dream Impact Trust's consolidated results and IFRS Accounting Standards adjustments to reflect Dream's direct ownership of our partnerships. Direct ownership refers to Dream Unlimited Corp.'s interest in subsidiaries and partnerships and excludes any non-controlling interest in the noted entities based on units held as of the end of the reporting period. The most direct comparable financial measure to Dream standalone is consolidated Dream. This non-GAAP measure is an important measure used by the Company to evaluate earnings against historical periods, including results prior to the acquisition of control of Dream Impact Trust. Article content For the three months ended June 30, 2025 Asset management Income properties Western Canada development Other investments Corporate Total Standalone Less: Dream Impact Trust, Consolidation and fair value adjustments (1) and Dream standalone adjustments (1) Consolidated Dream Revenue $ 11,582 $ 12,212 $ 20,682 $ 14,844 $ — $ 59,320 $ 8,880 $ 68,200 Direct operating costs (4,641) (5,386) (14,872) (16,522) — (41,421) (5,962) (47,383) Gross margin 6,941 6,826 5,810 (1,678) — 17,899 2,918 20,817 Selling, marketing, depreciation and other operating costs — (2,526) (4,694) (2,781) — (10,001) 155 (9,846) Net margin 6,941 4,300 1,116 (4,459) — 7,898 3,073 10,971 Fair value changes in investment properties — 2,595 — — — 2,595 (13,529) (10,934) Other income and expenses 527 (381) 305 (11,862) (132) (11,543) 13,891 2,348 Interest expense (10) (4,693) (752) (1,734) (3,275) (10,464) (7,881) (18,345) Share of earnings (loss) from equity accounted investments — — — 426 — 426 (16,305) (15,879) Net segment earnings (loss) 7,458 1,821 669 (17,629) (3,407) (11,088) (20,751) (31,839) General and administrative expenses — — — — (3,106) (3,106) (873) (3,979) Adjustments related to Dream Impact units (2) — — — — — — 5,663 5,663 Adjustments related to Dream Impact Fund units (2) — — — — — — 1,630 1,630 Income tax recovery — — — — 3,572 3,572 (58) 3,514 Net earnings (loss) $ 7,458 $ 1,821 $ 669 $ (17,629) $ (2,941) $ (10,622) $ (14,389) $ (25,011) Article content For the three months ended June 30, 2024 Asset management Income properties Western Canada development Other investments Corporate Total Standalone Less: Dream Impact Trust, Consolidation and fair value adjustments (1) and Dream standalone adjustments (1) Consolidated Dream Revenue $ 27,541 $ 11,132 $ 65,581 $ 41,238 $ — $ 145,492 $ 32,780 $ 178,272 Direct operating costs (4,716) (4,512) (29,295) (36,179) — (74,702) (31,458) (106,160) Gross margin 22,825 6,620 36,286 5,059 — 70,790 1,322 72,112 Selling, marketing, depreciation and other operating costs — (1,505) (4,989) 1,168 — (5,326) (5,744) (11,070) Net margin 22,825 5,115 31,297 6,227 — 65,464 (4,422) 61,042 Fair value changes in investment properties — (1,170) — — — (1,170) (10,522) (11,692) Other income and expenses (351) (1,157) 463 7,402 568 6,925 (571) 6,354 Interest expense (6) (5,767) (1,330) (274) (4,035) (11,412) (8,423) (19,835) Share of earnings (loss) from equity accounted investments — — — (898) — (898) 10,674 9,776 Net segment earnings (loss) 22,468 (2,979) 30,430 12,457 (3,467) 58,909 (13,264) 45,645 General and administrative expenses — — — — (5,425) (5,425) (488) (5,913) Adjustments related to Dream Impact units (2) — — — — — — 13,378 13,378 Adjustments related to Dream Impact Fund units (2) — — — — — — 6,431 6,431 Income tax recovery — — — — 1,252 1,252 3,402 4,654 Net earnings (loss) $ 22,468 $ (2,979) $ 30,430 $ 12,457 $ (7,640) $ 54,736 $ 9,459 $ 64,195 Article content (1) Refer to the 'Non-GAAP Measures and Other Disclosures' section of the MD&A for second quarter of 2025 for the definition of Dream Impact Trust and consolidation and fair value adjustments, Dream standalone adjustments and Dream standalone, which are non-GAAP financial measures. (2) The adjustments related to Dream Impact Trust and Dream Impact Fund units relate to non-controlling interest of properties held across various reporting segments. These line items are included in Corporate as they are reviewed on a consolidated basis. Article content For the six months ended June 30, 2025 Asset management Income properties Western Canada development Other investments Corporate Total Standalone Less: Dream Impact Trust, Consolidation and fair value adjustments (1) and Dream standalone adjustments (1) Consolidated Dream Revenue $ 24,619 $ 24,456 $ 45,250 $ 34,886 $ — $ 129,211 $ 7,412 $ 136,623 Direct operating costs (8,366) (11,047) (33,452) (41,713) — (94,578) (2,940) (97,518) Gross margin 16,253 13,409 11,798 (6,827) — 34,633 4,472 39,105 Selling, marketing, depreciation and other operating costs — (3,995) (9,194) (6,237) — (19,426) 488 (18,938) Net margin 16,253 9,414 2,604 (13,064) — 15,207 4,960 20,167 Fair value changes in investment properties — 4,819 — — — 4,819 (17,752) (12,933) Other income and expenses 253 273 784 (8,887) 64 (7,513) 10,861 3,348 Interest expense (15) (9,714) (1,079) (3,720) (6,648) (21,176) (15,472) (36,648) Share of earnings (loss) from equity accounted investments — — — 149 — 149 (21,634) (21,485) Net segment earnings (loss) 16,491 4,792 2,309 (25,522) (6,584) (8,514) (39,037) (47,551) General and administrative expenses — — — — (9,572) (9,572) (1,633) (11,205) Adjustments related to Dream Impact units (2) — — — — — — 14,771 14,771 Adjustments related to Dream Impact Fund units (2) — — — — — — 4,512 4,512 Income tax recovery — — — — 7,496 7,496 (1,119) 6,377 Net earnings (loss) $ 16,491 $ 4,792 $ 2,309 $ (25,522) $ (8,660) $ (10,590) $ (22,506) $ (33,096) Article content For the six months ended June 30, 2024 Asset management Income properties Western Canada development Other investments Corporate Total Standalone Less: Dream Impact Trust, Consolidation and fair value adjustments (1) and Dream standalone adjustments (1) Consolidated Dream Revenue $ 39,336 $ 21,578 $ 76,799 $ 102,781 $ — $ 240,494 $ 96,029 $ 336,523 Direct operating costs (8,111) (11,172) (36,797) (84,533) — (140,613) (92,089) (232,702) Gross margin 31,225 10,406 40,002 18,248 — 99,881 3,940 103,821 Selling, marketing, depreciation and other operating costs — (2,818) (9,101) (6,861) — (18,780) (4,835) (23,615) Net margin 31,225 7,588 30,901 11,387 — 81,101 (895) 80,206 Fair value changes in investment properties — 2,721 — — — 2,721 (11,867) (9,146) Other income and expenses (631) (908) 922 (25,326) 234 (25,709) 32,952 7,243 Interest expense (10) (9,024) (2,438) (1,641) (7,208) (20,321) (16,578) (36,899) Share of earnings (loss) from equity accounted investments — — — (799) — (799) 7,370 6,571 Net segment earnings (loss) 30,584 377 29,385 (16,379) (6,974) 36,993 10,982 47,975 General and administrative expenses — — — — (11,398) (11,398) (896) (12,294) Adjustments related to Dream Impact Trust units (2) — — — — — — 30,694 30,694 Adjustments related to Dream Impact Fund units (2) — — — — — — 5,263 5,263 Income tax (expense) recovery — — — — (3,619) (3,619) 5,710 2,091 Net earnings (loss) $ 30,584 $ 377 $ 29,385 $ (16,379) $ (21,991) $ 21,976 $ 51,753 $ 73,729 (1) Refer to the 'Non-GAAP Measures and Other Disclosures' section of the MD&A for second quarter of 2025 for the definition of Dream Impact Trust and consolidation and fair value adjustments, Dream standalone adjustments and Dream standalone, which are non-GAAP financial measures. (2) The adjustments related to Dream Impact Trust and Dream Impact Fund units relate to non-controlling interest of properties held across various reporting segments. These line items are included in Corporate as they are reviewed on a consolidated basis. Article content Forward-Looking Information Article content This press release may contain forward-looking information within the meaning of applicable securities legislation, including, but not limited to, statements regarding our objectives and strategies to achieve those objectives; our beliefs, plans, estimates, projections and intentions, and similar statements concerning anticipated future events, future growth, expected net proceeds from sales or transactions, results of operations, performance, business prospects and opportunities, acquisitions or divestitures, tenant base, future maintenance and development plans and costs, capital investments, financing, the availability of financing sources, income taxes, vacancy and leasing assumptions, litigation and the real estate industry in general; as well as specific statements in respect of our expectations regarding our development plans, including sizes, uses, density, number of units, amenities and timing thereof; our expectations regarding the performance of Western Canada division, including future profitability; our growth opportunities in Regina and our ability to develop income properties in that market; the expected profitability of our Alpine Park development and the anticipated future sales and closing in that project; our expectations regarding our asset management division, including expected growth; our expectations regarding the 49 Ontario St. and Quayside projects, including development timelines; our expected debt maturities in future periods and our ability to refinance indebtedness in the normal course; our expectations regarding future sales of homes and land; our ability to ultimately consummate future land commitments, and the timing thereof; our ability to maintain strong liquidity and our expectation that we will be well positioned for new investments as they arise; the contribution of our Other Investment segment to earnings in future periods. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dream's control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These assumptions include, but are not limited to: the nature of development lands held and the development potential of such lands, interest rates and inflation remaining in line with management expectations, our ability to bring new developments to market, anticipated positive general economic and business conditions, including low unemployment and interest rates, that duties, tariffs and other trade restrictions, if any, will not materially impact our business, positive net migration, oil and gas commodity prices, our business strategy, including geographic focus, anticipated sales volumes, performance of our underlying business segments and conditions in the Western Canada land and housing markets. Risks and uncertainties include, but are not limited to, general and local economic and business conditions, the impact of public health crises and epidemics, employment levels, risks associated with unexpected or ongoing geopolitical events, including disputes between nations, terrorism or other acts of violence, international sanctions and the disruption of movement of goods and services across jurisdictions, inflation or stagflation, regulatory risks, mortgage and interest rates and regulations, risks related to a potential economic slowdown in certain of the jurisdictions in which we operate and the effect inflation and any such economic slowdown may have on market conditions and lease rates, risks related to the imposition of duties, tariffs and other trade restrictions and their impacts, environmental risks, consumer confidence, seasonality, adverse weather conditions, reliance on key clients and personnel and competition. All forward-looking information in this press release speaks as of August 12, 2025. Dream does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required by law. Additional information about these assumptions and risks and uncertainties is disclosed in filings with securities regulators filed on SEDAR+ ( Endnotes: Article content Article content Article content Article content Article content Contacts Article content Dream Unlimited Corp. Article content
CTV News
8 minutes ago
- CTV News
Trump's nominee to oversee jobs, inflation data faces shower of criticism
Part of an email to Bureau of Labor Statistics employees from William Wiatrowski, obtained by The Associated Press, is photographed Tuesday, Aug. 12, 2025. (AP Photo/Jon Elswick) WASHINGTON — The director of the agency that produces the nation's jobs and inflation data is typically a mild-mannered technocrat, often with extensive experience in statistical agencies, with little public profile. But like so much in U.S. President Donald Trump's second administration, this time is different. Trump has selected E.J. Antoni, chief economist at the conservative Heritage Foundation, to be the next commissioner at the Labor Department's Bureau of Labor Statistics. Antoni's nomination was quickly met with a cascade of criticism from other economists, from across the political spectrum. His selection threatens to bring a new level of politicization to what for decades has been a nonpartisan agency widely accepted as a producer of reliable measures of the nation's economic health. While many former U.S. Labor Department officials say it it unlikely Antoni will be able to distort or alter the data, particularly in the short run, he could change the currently dry-as-dust way it is presented. Antoni was nominated by Trump after the BLS released a jobs report Aug. 1 that showed that hiring had weakened in July and was much lower in May and June than the agency had previously reported. Trump, without evidence, charged that the data had been 'rigged' for political reasons and fired the then-BLS chair, Erika McEntarfer, much to the dismay of many within the agency. Antoni has been a vocal critic of the government's jobs data in frequent appearances on podcasts and cable TV. His partisan commentary is unusual for someone who may end up leading the BLS. For instance, on Aug. 4 — a week before he was nominated — Antoni said in an interview on Fox News Digital that the Labor Department should stop publishing the monthly jobs reports until its data collection processes improve, and rely on quarterly data based on actual employment filings with state unemployment offices. The monthly employment reports are probably the closest-watched economic data on Wall Street, and can frequently cause swings in stock prices. When asked at Tuesday's White House briefing whether the jobs report would continue to be released, press secretary Karoline Leavitt said the administration hoped it would be. Trump news White House press secretary Karoline Leavitt speaks during a briefing at the White House, Tuesday, June 3, 2025, in Washington. (AP Photo/Evan Vucci) 'I believe that is the plan and that's the hope,' Leavitt said. Leavitt also defended Antoni's nomination, calling him an 'economic expert' who has testified before Congress and adding that, 'the president trusts him to lead this important department.' Yet Antoni's TV and podcast appearances have created more of a portrait of a conservative ideologue, instead of a careful economist who considers tradeoffs and prioritizes getting the math correct. 'There's just nothing in his writing or his resume to suggest that he's qualified for the position, besides that he is always manipulating the data to favor Trump in some way,' said Brian Albrecht, chief economist at the International Center for Law and Economics. Antoni wrongly claimed in the last year of Biden's presidency that the economy had been in recession since 2022; called on the entire U.S. Federal Reserve board to be fired for not earning a profit on its Treasury securities holdings; and posted a chart on social media that conflated timelines to suggest inflation was headed to 15 per cent. His argument that the U.S. was in a recession rested on a vastly exaggerated measure of housing inflation, based on newly-purchased home prices, to artificially make the nation's gross domestic product appear smaller than it was. 'This is actually maybe the worst Antoni content I've seen yet,' Alan Cole of the center-right Tax Foundation said on social media, referring to his recession claim. On a 2024 podcast, Antoni wanted to sunset Social Security payments for workers paying into the system, saying that 'you'll need a generation of people who pay Social Security taxes but never actually receive any of those benefits.' As head of the BLS, Antoni would oversee the release of the consumer price index by which Social Security payments are adjusted for inflation. Many economists share, to some degree, Antoni's concerns that the government's jobs data has flaws and is threatened by trends such as declining response rates to its surveys. The drop has made the jobs figures more volatile, though not necessarily less accurate over time. 'The stock market moves clearly based on these job numbers, and so people with skin in the game think it's telling them something about the future of their investments,' Albrecht said. 'Could it be improved? Absolutely.' Katharine Abraham, an economist at the University of Maryland who was BLS Commissioner under former U.S. President Bill Clinton, said updating the jobs report's methods would require at least some initial investment. The government could use more modern data sources, she said, such as figures from payroll processing companies, and fill in gaps with surveys. 'There's an inconsistency between saying you want higher response rates and you want to spend less money,' she said, referring to the administration's proposals to cut BLS funding. Still, Abraham and other former BLS commissioners don't think Antoni, if confirmed, would be able to alter the figures. He could push for changes in the monthly press release and seek to portray the numbers in a more positive light. William Beach, who was appointed BLS commissioner by Trump in his first term and also served under Biden, said he is confident that BLS procedures are strong enough to prevent political meddling. He said he didn't see the figures himself until two days before publication when he served as commissioner. 'The commissioner does not affect the numbers,'' Beach said. 'They don't collect the data. They don't massage the data. They don't organize it.' Regarding the odds of rigging the numbers, Beach said, 'I wouldn't put it at complete zero, but I'd put it pretty close to zero.'' It took about six months after McEntarfer was nominated in July 2023 for her to be approved. Antoni will likely face stiff opposition from Democrats, but that may not be enough to derail his appointment. U.S. Sen. Patty Murray, a senior Democrat from Washington, on Tuesday slammed Antoni as 'an unqualified right-wing extremist' and demanded that the GOP chairman of the Senate Health, Education, Labor and Pensions Committee, U.S. Sen. Bill Cassidy of Louisiana, hold a confirmation hearing for him. ___ Associated Press Staff Writers Paul Wiseman and Stephen Groves contributed to this story. Christopher Rugaber And Josh Boak, The Associated Press
CBC
8 minutes ago
- CBC
Is a U.S. trade deal still possible?
The Power Panel discusses the latest in the ongoing trade talks in Washington as tariff pressure mounts at home following U.S. President Donald Trump's deadline passing without a deal.
